Berkshire Hathaway Sells $1.7 Billion in Bank of America Shares
- Berkshire Hathaway sold another 30 million shares of Bank of America, valued at approximately $1.7 billion.
- The latest sale is part of a continued divestment strategy under Greg Abel, Warren Buffett’s successor.
- Berkshire now owns about 483.4 million shares of Bank of America, worth around $27.5 billion.
- The firm reduced its stake in Capital One by 58% and trimmed Ally by 7%.
- Berkshire acted as a net buyer for the first time in years, significantly increasing its holdings in Alphabet and other companies.
This strategic move highlights Berkshire’s ongoing adjustments to its investment portfolio amid changing market conditions. The sales reflect a shift in focus toward tech stocks like Alphabet while reducing exposure to financial institutions like Bank of America and Capital One.
In total, Berkshire’s recent moves indicate a significant reallocation of assets as it continues to adapt to market dynamics while maintaining substantial investments in key sectors. (Source)
