(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. (BRK-B) won’t have to swiftly disclose its rapid-fire sales of Bank of America Corp. (BAC) stock too much longer. That is, if he keeps whittling the investment.
Most Read from Bloomberg
Dense Cities With Low Emissions Suffer Most From Air Pollution, Study Finds
Intergenerational Housing Could Help Older Adults Combat Loneliness
As Rural Hospitals Shutter Maternity Wards, Urban Ones Follow
A fresh round of disposals disclosed late Friday trimmed the conglomerate’s stake in the bank down to 11.4%. So long as Berkshire holds more than 10%, US rules require it to reveal transactions within a few days. But if the company holds less, it may wait weeks to update the public — typically giving snapshots after every quarter.
That would help quiet the drama weighing on BofA’s share price since mid-July, when Buffett — a longtime backer of Chief Executive Officer Brian Moynihan — embarked on a selling spree without giving a reason. Berkshire has since reaped a total of $6.2 billion.
In the disposals announced Friday, Berkshire sold about 21 million shares for $848 million from Aug. 28 through 30.
Buffett, 94, began building the investment in Bank of America with a $5 billion deal in 2011 for preferred stock and warrants. His Berkshire Hathaway eventually became — and remains — the bank’s biggest stockholder, with a stake worth about $36 billion, based on Friday’s closing price.
—With assistance from Peter Eichenbaum.
Most Read from Bloomberg Businessweek
Need 100,000 Balloons for a Convention? Here’s the Guy to Call
Hong Kong’s Old Airport Becomes Symbol of City’s Property Pain
Far-Right ‘Terrorgram’ Chatrooms Are Fueling a Wave of Power Grid Attacks
©2024 Bloomberg L.P.