Berkshire Hathaway, the investment vehicle of nonagenarian investor Warren Buffet, has sold around 14 million Bank of America shares in recent days for a total of $550.6 million (498 million euros), the bank reported.
According to the records of the Securities and Exchange Commission (SEC), the firm of the ‘Oracle of Omaha’ sold 13.968 million Bank of America shares in three transactions between August 15 and 19.
Specifically, on August 15, the bank sold 5.18 million shares of the bank at an average price of $39.3088, while a day later it placed another 3.75 million shares at an average price of $39.2719, and this Monday it sold 5.03 million shares at an average price of $39.6454.
After the confirmed sales, Berkshire Hathaway still controls a package of 928.46 million shares in Bank of America, whose value would be around $36 billion (32.565 billion euros).
Bank of America shares fell by as much as 3.37% on Wall Street on Tuesday, although they managed to offset their fall to around 2%, trading at a price of $38.84 per share.
