Buffett Whittles Bank of America Stake to 10.5% With $863 Million Disposal

By Katherine Doherty

September 24, 2024 at 7:00PM EDT

Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., plays bridge at an event on the sidelines of the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, U.S., on Sunday, May 6, 2019. The annual shareholders' meeting doubles as a showcase for Berkshire's dozens of businesses and a platform for its billionaire chairman and CEO to share his investing philosophy with thousands of fans. Photographer: Houston Cofield/Bloomberg (Houston Cofield/Bloomberg)

(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. sold an additional $863 million of Bank of America Corp. stock, trimming the conglomerate’s stake closer to a 10% regulatory threshold.

Berkshire now owns 10.5% of the second-largest US bank after the latest disposals on the three trading days through Tuesday, according to a regulatory filing. As long as it remains above the threshold, the company must disclose trades within a few days.

Buffett, 94, began trimming the massive investment in mid-July. Even after months of sales, Berkshire’s remaining stake in Bank of America is worth $32.1 billion, based on Tuesday’s closing price, preserving its perch as the largest shareholder.