finance economics

JPMorgan Chase's profits in the third quarter declined due to $3.11 billion in provisions for bad debts offsetting the income from its investment banking sector

Warren Buffett has once again reduced his stake in Bank of America, cashing out over $10 billion in the past three months

2024/10/10

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Warren Buffett, known as the 'Oracle of Omaha,' once again reduced Berkshire Hathaway's holdings in Bank of America (BofA) last week, marking the 14th round of sell-offs. Since mid-July, Berkshire has cashed out over $10 billion, and its stake has fallen to slightly above the 10% reporting threshold.

The latest filings indicate that Berkshire sold approximately 9.6 million shares of BofA on average for about $40 each on March 3, April 4, and July 7, bringing in around $383 million. Currently, it holds 784.

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5 million shares, with a stake of 10.1%.

If Buffett continues to reduce his ownership in BofA, the stake may drop below 10%, at which point Berkshire would no longer be required to report to the Securities and Exchange Commission (SEC) within two trading days of making changes.

Since mid-July, Berkshire has sold approximately 250 million shares of BofA, generating over $10 billion in proceeds and applying downward pressure on BofA's stock price. On July 7, BofA's share price closed at $39.

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