Berkshire Hathaway Reduces Bank of America Stake Below 10%

Warren Buffett's firm sells 8.7 million shares for $370 million, maintaining its position as the largest shareholder.

Berkshire Hathaway has sold nearly 8.7 million shares of Bank of America, generating $370 million.
This recent sale reduced Berkshire's stake in the bank to 9.97%, just below the 10% regulatory threshold.
The sales come after Bank of America repurchased $3.5 billion of its own stock, affecting Berkshire's percentage ownership.
Berkshire has been systematically reducing its stake in Bank of America since mid-July, netting over $10 billion from these transactions.
Warren Buffett initially invested $5 billion in Bank of America in 2011, bolstering confidence in the bank's leadership.