15:09 - 11.10.2024

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October 11, Fineko/abc.az. Berkshire Hathaway has been reducing its stake in the second largest U.S. bank since mid-July.

ABC.AZ reports with reference to Forbes that the amount of revenue of Warren Buffett's Berkshire Hathaway from the sale of Bank of America shares exceeded $10 billion.

According to a report dated October 7, since the beginning of the month Berkshire Hathaway has sold about 9.57 million shares of Bank of America worth about $383.04 million. This is the 14th round of sales, during which the proceeds from the sale of BofA shares exceeded $10 billion, Bloomberg estimated. Berkshire Hathaway now owns 784.55 million shares of the bank - 10.1%.

Berkshire Hathaway has been reducing its stake in Bank of America, the second largest U.S. bank, since mid-July. This puts pressure on the value of its shares, Bloomberg writes. At the close of trading on October 7, BofA shares on the New York Stock Exchange were worth $39.96 (-0.37%). At this price, the value of Berkshire Hathaway's stake in the bank is estimated at $31.35 billion.