According to a regulatory filing on Friday, billionaire Warren Buffett’s Berkshire Hathaway (BRKa.N), opens new tab has once again reduced its investment in Bank of America (BAC.N), opens new tab with a share sale valued around $845 million.
In seven rounds of share sales since July, the company led by one of the most renowned investors in the world has sold shares in the second-largest U.S. bank for more than a combined $6 billion.
The largest stakeholder in BofA, Berkshire, said that it had sold over 21.1 million of the bank’s shares between August 28 and August 30.
In 2011, Buffett began making investments in the bank when Berkshire purchased $5 billion worth of preferred shares.
His faith in CEO Brian Moynihan’s capacity to turn the lender around after the 2008 financial crisis was demonstrated by that purchase.
The 93-year-old Buffett told CNBC in April 2023 that he liked Moynihan “enormously” and that he was not interested in selling the bank’s stock at that time.
Compared to the 22.6% rise in the S&P 500 Banks Index (.SPXBK), opens new tab, which monitors the performance of large-cap banks, BofA shares have gained 21% so far this year.
