Berkshire Hathaway Sells $982 Million in Bank of America Shares

Warren Buffett's Berkshire Hathaway has sold an additional $982 million worth of Bank of America shares, continuing its trend of divesting from the second-largest U.S. bank, which has totaled approximately $5.4 billion since mid-July. The recent sale involved 24.7 million shares and was disclosed in a regulatory filing, revealing transactions conducted on August 23, 26, and 27. Despite these sales, Berkshire remains the largest shareholder of Bank of America with 903.8 million shares, valued at $35.85 billion based on the latest closing price. This shift in strategy is notable given Buffett's previous praise for Bank of America and CEO Brian Moynihan. Additionally, Berkshire has also reduced its stake in Apple significantly, raising questions about its investment strategy amidst a record cash reserve of nearly $277 billion. The Bank of America stock has seen a slight decline recently, reflecting broader trends in the banking sector.