Billionaire Warren Buffett's investment company Berkshire Hathaway Inc. last week sold shares of Bank of America Corp. for $1.5 billion.
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What is known
Over the last three business days, Berkshire sold 34 million Bank of America securities, according to documents sent by the company to the Securities and Exchange Commission ( SEC) USA.
Now Berkshire owns about 999 million shares (12.8%) of Bank of America, the total value of the package is about $42.9 billion.
Since the beginning of this year, shares bank prices increased by 27.4%. Their value at market close on Friday was $42.9.
Read: Berkshire Hathaway shares hit a record
Berkshire is the largest shareholder of Bank of America . The news about the sale of the bank's shares will likely trigger their decline on Monday, since Buffett's investment company, when starting to reduce large stakes in any companies, often sells shares in several stages, MarketWatch notes.
- Shares (securities)