Warren Buffett Sells 14 Million Bank of America Shares in Three Days

Berkshire Hathaway, the investment vehicle of nonagenarian investor Warren Buffett, has recently sold approximately 14 million shares of Bank of America for a total of $550.6 million, according to the company.

Filings with the U.S. Securities and Exchange Commission (SEC) show that the ‘Oracle of Omaha’s’ firm offloaded 13.968 million shares of Bank of America in three transactions between August 15 and 19.

Specifically, on August 15, the company sold 5.18 million shares at an average price of $39.3088 per share. The following day, it sold another 3.75 million shares at an average price of $39.2719, and on Monday, it sold 5.03 million shares at an average price of $39.6454.

Despite these confirmed sales, Berkshire Hathaway still holds a substantial stake of 928.46 million shares in Bank of America, valued at approximately $36 billion.

Bank of America’s shares dropped as much as 3.37% on Wall Street this Tuesday, but managed to recover some of the losses, trading around 2% lower at $38.84 per share.

In other relevant news, U.S. Secretary of State Antony Blinken Arrived in Doha on Tuesday in a Diplomatic Push to Secure a Ceasefire in Gaza and a Hostage Release Agreement, as Major Points of Disagreement Between Israel and Hamas Persist.

Earlier in the day, Blinken met in Cairo with Egyptian President Abdel-Fattah El-Sisi, whose country has been assisting in mediating the intermittent Gaza talks for months, alongside the United States and Qatar.