Warren Buffett Sells $7 Billion Worth of Bank of America Shares

Despite the selloff, Buffett remains BofA's largest shareholder, while CEO Brian Moynihan praises his long-term support.

Berkshire Hathaway has sold 5.8 million Bank of America shares worth $228.7 million between September 6 and September 10.
Since mid-July, Buffett's firm has offloaded a total of 174.7 million shares valued at over $7 billion.
Brian Moynihan, CEO of Bank of America, stated that he does not know Buffett's reasons for the selloff and emphasized that the bank cannot inquire about his strategy.
Despite the share sales, Berkshire Hathaway still holds an 11% stake in Bank of America, maintaining its position as the largest individual shareholder.
Analysts speculate that Buffett's move might be a strategy to reduce regulatory scrutiny or a precautionary measure in anticipation of economic downturns.