Warren Buffett's Berkshire Hathaway (NYSE:BRK) continues its steady sale of Bank of America (NYSE:BAC) shares.
What Happened: The firm offloaded 18.7 million shares between Sept. 3 and Sept. 5. It raised $760 million in the process.
Following this sale, Berkshire's total divestment from the bank has reached nearly $7 billion since the selling started in mid-July.
Yet, Berkshire Hathaway remains the bank's largest shareholder, still holding approximately 864 million shares. This gives it a stake of 11.1% — a reduction of around 5% from its peak.
If the firm's stake falls below 10%, according to Section 16 of the Exchange Act, it wouldn't need to report further sales ...
