Warren Buffett's firm sells another $1 billion of Bank of America stock but still holds almost 12%
Investor Warren Buffett's company has unloaded more of its Bank of America stake, selling nearly 25 million shares worth almost $1 billion over the past week
By JOSH FUNK
Published - Aug 28, 2024, 01:17 PM ET
Last Updated - Aug 28, 2024, 01:17 PM EDT
OMAHA, Neb. (AP) — Investor Warren Buffett's company has unloaded more of its Bank of America stake, selling nearly 25 million shares worth almost $1 billion over the past week.
Berkshire Hathaway has steadily sold off 116 million Bank of America shares since July. But it still controls nearly 12% of the stock in the bank based in Charlotte, North Carolina.
After the sale was disclosed, Berkshire's Class A stock — already the most expensive stock on Wall Street — gained $7,184.62 Wednesday to sell for $698,534.62.
That elevated the conglomerate based in Omaha, Nebraska, into the club of companies valued by the stock market at over $1 trillion. But that's still well shy of market behemoths Nvidia and Microsoft, now valued at over $3 trillion.
