Berkshire Hathaway Exceeds $10 Billion in Proceeds from Bank of America Stake Reduction

Investing.com — As per a regulatory filing dated Monday, Warren Buffet's Berkshire Hathaway (NYSE:BRKa) Inc (NYSE:BRKb) has now surpassed $10 billion in total proceeds from reducing its stake in Bank of America (NYSE:BAC).

Warren Buffett began scaling back the substantial investment in mid-July, which has since put downward pressure on the stock’s price.

In this most recent round of sales, Berkshire gained $383 million over three trading days, offloading a smaller number of shares compared to previous sales.

Historically, Buffett's selling activity has tended to slow when the stock price approaches $39, as indicated in his company's filings.

At this price, Berkshire's remaining 10.1% stake is valued at approximately $31.4 billion.

In September, Berkshire Hathaway continued to decrease its stake in Bank of America by selling 18.7 million shares between September 3 and September 5. These transactions generated about $760 million.