– Warren Buffett’s BofA Dump-A-Thon Tops $10 Billion, Nears Key 10% Non-Reporting Level:
94-year-old Warren Buffett’s Berkshire Hathaway has been on a multi-month dump-a-thon of Bank of America shares. The reason for the abrupt selling, which began in mid-July, has yet to be officially disclosed but should be viewed as an ominous sign that the ‘Oracle of Omaha’ foresees economic trouble ahead.
The latest Bloomberg data shows that Berkshire’s total proceeds from selling BofA shares have now topped a whopping $10bln.
Traders at Berkshire began paring down the massive investment in mid-July, pressuring the bank’s shares ever since. In the last three trading days, Berkshire sold $383mln worth of shares.
The latest selling is the first round of Berkshire selling BofA shares since right before the pandemic.
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