Billionaire Warren Buffett Dumps $10,500,000,000 in Berkshire’s Bank of America Stake After Slashing JPMorgan Chase, Wells Fargo Investments To Zero: Report

Warren Buffett has now sold a staggering $10.5 billion of Berkshire Hathaway’s stake in Bank of America in a matter of months.

New filings with the U.S. Securities and Exchange Commission shows the firm just sold an additional 8.54 million shares in September and October, worth $337.86 million.

The move follows Berkshire’s complete exit from JPMorgan Chase and Wells Fargo positions in recent years and marks 15 rounds of relentless BofA sales.

The selling has dropped Berkshire’s overall stake in the bank to below 10%, reports Fortune.

The threshold is significant, as it will allow Berkshire to report its BofA trades every quarter instead of every few days. That means investors won’t know if Berkshire continues to sell until mid-November.

Buffett has been tight-lipped on why he’s specifically reduced the firm’s exposure to Bank of America, although he outlined his concerns with the banking sector at large last year.

“You don’t know what has happened to the stickiness of deposits at all. It got changed by 2008. It’s gotten changed by this. And that changes everything.

We’re very cautious in a situation like that about ownership of banks.”

Despite the sell-off, Berkshire is still the top shareholder of Bank of America, with its position in the financial giant now worth about $31 billion.

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The post Billionaire Warren Buffett Dumps $10,500,000,000 in Berkshire’s Bank of America Stake After Slashing JPMorgan Chase, Wells Fargo Investments To Zero: Report appeared first on The Daily Hodl.