OAN Staff Blake Wolf
5:56 PM – Wednesday, August 28, 2024

Billionaire investor Warren Buffett’s conglomerate Berkshire Hathaway has sold nearly $1 billion worth of shares in Bank of America in the past week.

Although Berkshire has sold roughly $5.4 billion worth of Bank of America shares since July, the firm is still the Bank’s largest shareholder, with 903.8 million shares worth $35.85 billion.

Hathaway’s organization has surpassed the $1 trillion mark on Wednesday, joining six other companies to hit the milestone which includes: Apple, Nvidia, Microsoft, Alphabet, Amazon, and Meta Platforms.

The firm’s milestone “is a testament to the firm’s financial strength and franchise value,” said Cathy Seifert, Berkshire analyst at CFRA Research. “This is significant at a time when Berkshire represents one of the few remaining conglomerates in existence today.”

Analysis speculate the latest move reflects Buffet’s belief that the stock market is overpriced and he may be trying to position himself to take advantage of a downturn.

Buffett does not provide insight into the reasoning behind his moves as he does not want other investors to catch on, however the Securities and Exchange Commission requires Buffet to file updates on his company’s Bank of America holdings due to its high percentage of stake in the banking giant.

Last year Buffett stated he did not want to sell the stake in Bank of America as he likes the CEO Brian Moynihan.

“I like Brian Moynihan enormously. I don’t wanna sell it,” said Buffett.

Buffett’s firm first began to invest in Bank of America in 2011, with a $5 billion purchase of stock in the company.

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