(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. won’t must swiftly disclose its rapid-fire sales of Bank of America Corp. stock an excessive amount of longer. That’s, if he keeps whittling the investment.
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A fresh round of disposals disclosed late Friday trimmed the conglomerate’s stake within the bank all the way down to 11.4%. As long as Berkshire holds greater than 10%, US rules require it to disclose transactions inside a number of days. But when the corporate holds less, it could wait weeks to update the general public — typically giving snapshots after every quarter.
That may help quiet the drama weighing on BofA’s share price since mid-July, when Buffett — a longtime backer of Chief Executive Officer Brian Moynihan — launched into a selling spree without giving a reason. Berkshire has since reaped a complete of $6.2 billion.
Within the disposals announced Friday, Berkshire sold about 21 million shares for $848 million from Aug. 28 through 30.
Buffett, 94, began constructing the investment in Bank of America with a $5 billion deal in 2011 for preferred stock and warrants. His Berkshire Hathaway eventually became — and stays — the bank’s biggest stockholder, with a stake value about $36 billion, based on Friday’s closing price.
–With assistance from Peter Eichenbaum.
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