Warren Buffett keeps selling more Bank of America stock

Published On Aug 28, 2024, 10:54 AM

Berkshire Hathaway has achieved a market cap of over $1 trillion for the first time, making it the first non-tech company to reach this milestone. This comes as Warren Buffett's firm has been selling off a significant portion of its stake in Bank of America, including 129 million shares in the past six weeks, for a total of approximately $5.4 billion. Despite these sales, Bank of America remains Berkshire’s largest stockholding, valued at more than $35 billion, although its stock price has dropped over 9% during this selling period.

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Given Warren Buffett's legacy, the successful milestone reached by Berkshire Hathaway could solidify its position in the market, possibly attracting new investments. However, the recent declines in Bank of America's stock price could create mixed sentiments among investors, who might be concerned about profitability amid the ongoing sales from Berkshire.

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