Billionaire Warrent Buffet just 'sold' nearly 4 billion USD worth of bank stocks

Warren Buffett's Berkshire Hathaway has continued to sell shares of Bank of America. In total, the billionaire has sold $3.8 billion worth of shares since mid-July.

Bank of America is the second largest bank in the United States, accounting for a large portion of Berkshire Hathaway's investment portfolio. Billionaire Warrent Buffet's "dumping" of this large amount of shares has caused concern among investors in the US stock market.

Billionaire Warrent Buffet just sold nearly 4 billion USD worth of shares of an American bank (Photo TL)

Berkshire Hathaway's transactions were recorded as taking place on August 1, 2024, with the sale of 19.2 million shares of Bank of America. Since mid-July, Berkshire Hathaway has sold 90.4 million shares of this bank.

Despite selling a large amount of Bank of America stock, Berkshire Hathaway remains the bank's largest shareholder. The fund holds 942.4 million shares, or 12.1% of the outstanding shares. The value of these shares is about $37.2 billion.

This is the result of a long-term acquisition strategy by Berkshire Hathaway. Since 2011, the fund has continuously invested in Bank of America. Initially with only $5 billion in preferred shares, the amount of shares held by Berkshire Hathaway has gradually increased significantly.

Not only with Bank of America shares, from 2022 to now, Warrent Buffett has continuously sold shares worth up to 56 billion USD. The move shows that this billionaire believes that the US stock market is overvalued. This also partly affects investors' confidence in the market. Especially in the context of inflation showing signs of increasing again and the Fed's fiscal policies have not had much clear impact to control the recession.

Source: https://www.congluan.vn/ty-phu-warrent-buffet-vua-xa-ban-gan-4-ty-usd-co-phieu-mot-ngan-hang-post306153.html