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

Berkshire continues to sell, further reducing its stake in Bank of America, with its shareholding now below the reporting threshold

2024/10/12

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Warren Buffett, often referred to as the "Oracle of Omaha," has recently further reduced his stake in Bank of America (BofA) through Berkshire Hathaway. The company sold over 9.5 million shares, bringing its stake below the 10% threshold that requires disclosure within two business days. This change allows Berkshire to adjust its holdings in BofA without immediate public reporting.

According to the filing submitted to the U.S. Securities and Exchange Commission (SEC) on October 10th, Berkshire sold more than 9.

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5 million shares of BofA at an average price of $40 each between August 8th and 10th. This marks the 18th consecutive trading day of reducing its stake, which is now down to 775 million shares valued at $31 billion, with the ownership percentage reduced to 9.987%.

With the holding below 10%, Berkshire can continue to sell BofA shares without the requirement of disclosing transaction details within two days, creating a lack of transparency regarding Buffett's adjustments in holdings.

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