Warren Buffet's Berkshire Hathaway has sold over $3 billion in Bank of America shares since mid-July. Berkshire remains Bank of America's largest shareholder, with 900 million shares, valued at $37 billion. Sales are required to be reported until Berkshire's stake falls below 10%. The sales followed a significant rise in Bank of America's stock price, which boosted the value of Berkshire. The conglomerate began investing in BOA in 2011, showing Warren Buffett's confidence in CEO Brian Moynihan's leadership in reviving the bank post-2008 financial crisis.
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00:00It's Benzinga, and here's what's on the block.
00:02Warren Buffett's Berkshire Hathaway has sold over $3 billion in Bank of America shares
00:07since mid-July.
00:08Berkshire remains Bank of America's largest shareholder, with 900 million shares valued
00:12at $37 billion.
00:15Sales are required to be reported until Berkshire's stake falls below 10%.
00:19The sales followed a significant rise in Bank of America's stock price, which boosted the
00:23value of Berkshire.
00:24The conglomerate began investing in Bank of America in 2011, showing Warren Buffett's
00:28confidence in CEO Brian Moynihan's leadership in reviving the bank post-2008 financial crisis.
00:34For all things money, visit Benzinga.com.