Warren Buffett has sold an additional $982 million worth of Bank of America Corp. (NYSE:BAC) shares, according to a regulatory filing.
What Happened: Berkshire Hathaway (NYSE:BRK) disclosed the sale of 24.7 million shares on Tuesday. The sales occurred on Aug. 23, 26, and 27, according to a filing with the U.S. Securities and Exchange Commission.
Despite these sales, Buffett remains a significant shareholder of Bank of America with 903.8 million shares. These shares are valued at $35.9 billion based on Tuesday's closing price.
Why It Matters: This recent sale follows a series of significant transactions by Berkshire Hathaway in recent weeks. Earlier this month, the company offloaded more than $3.8 billion worth of Bank of America shares over two weeks, reducing its holdings by approximately 19.2 million shares between Jul. 30 and Aug. 1.
Additionally, Buffett has been making other notable moves in the market. In the second quarter, Berkshire sold over 389 million shares of Apple Inc. (NASDAQ:AAPL), although it still retains a substantial holding of 400 million shares.
Berkshire has amassed a record-breaking cash pile of $189 billion. Some market analysts, like fund manager Chris Bloomstran, argue that this cash reserve does not indicate a bearish outlook or an impending market crash.
However, not everyone agrees with Buffett's strategy. Ross Gerber, CEO of Gerber Kawasaki Wealth and a Tesla Inc. investor, has criticized Buffett for selling Apple shares ahead of what he calls the "AI revolution," suggesting that Buffett may not fully grasp the potential of technology investments.
Price Action: Bank of America Corp's stock closed at $39.67, down 0.63% on Tuesday. In after-hours trading, the stock slightly dipped further by 0.13%. Over the past year, the stock has gained 37.93%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
