Warren Buffett’s conglomerate has added another zero to its haul after a months-long sell-off Bank of America Corp. stock.
In the 14th round of sales Berkshire Hathaway Inc. made $10 billion in total proceeds from reducing its stake in the second-largest U.S. bank, according to a regulator filing on Monday. Buffett, 94, began cutting the massive investment in mid-July and has been putting pressure on the stock price ever since.
In the latest round, Berkshire raised $383 million in three trading days by selling fewer shares than in many previous rounds. Buffett’s sales trended lower as the stock price fell to $39, according to his company’s filings. Shares closed at $39.96 on Monday.
Berkshire’s remaining 10.1% stake is worth about $31.4 billion at that price.