– Warren Buffett Continues Dumping BofA Shares:
Warren Buffett’s ongoing liquidation of his Bank of America stake comes right before the Federal Reserve’s expected start of the interest rate-cutting cycle in mid-September. Additionally, Buffett has halved his Apple holdings and amassed a record amount of cash. At 93, it seems the billionaire investor is bracing for a rough patch in the US economy.
Buffett’s Berkshire Hathaway has been on a six-week selling spree of Bank of America shares, trimming its entire position by nearly 13% and generating upwards of $5.4 billion in proceeds, according to Bloomberg. Berkshire’s latest filing shows that since last Monday, another $982 million worth of shares were sold.
Bloomberg data shows Berkshire has dumped more than 129 million BofA shares in the last six weeks.
Berkshire remains the bank’s largest stockholder, with 903.8 million shares, worth about $36 billion, as of Tuesday’s closing price. However, the position’s size has fallen to early 2019 levels.
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