The American holding company Berkshire Hathaway, owned by one of the richest investors, Warren Buffett, sold Bank of America shares for $863 million. How writes Yahoo.Finance, thus Berkshire Hathaway brought its share of the conglomerate closer to the 10% regulatory threshold.
Berkshire now owns a 10.5% stake in the second-largest U.S. bank, according to a regulatory filing. As long as it remains above the threshold, the company must report all its transactions with the bank’s shares. This means that within a few days of each purchase or sale of shares, Berkshire must report it.
Buffett, 94, began scaling back his company’s massive investments in mid-July. Despite the sale of some shares, Berkshire is still the largest shareholder of Bank of America. The shares of the second US bank, which Berkshire still owns, are worth $32.1 billion.
In June, a crash on the New York Stock Exchange caused massive swings in shares of Berkshire Hathaway and Barrick Gold, as well as halting trading in dozens of other companies. At the time, Berkshire Hathaway shares were “falling” by 99.97%.
