Warren Buffett’s Bank of America selling spree surpasses $10 billion mark

Billionaire investor Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) (BRK.B) further cuts stake in Bank of America (NYSE:BAC), surpassing $10 billion in total sales proceeds.

This milestone was reached during the company’s 14th round of disposals as the investor sold about 9.57 million shares between October 3 and October 7, in transactions worth ~$383 million, the latest filing on Monday showed.

Currently, Berkshire (BRK.A) retains a 10.1% stake in BAC (BAC), valued at approximately $31.4 billion at the current price point. Buffet started investing in the U.S. lender in 2011 and had a 13.1% stake worth ~$45 billion as of July.

Since mid-July, Buffett gradually reduced his stake, which exerted downward pressure on the bank’s stock price. Bank of America (BAC) shares have lost about 7% since Berkshire’s (BRK.A) first round of sale.

Notably, the billionaire investor has been selling fewer shares as compared to the previous rounds.

BAC (BAC) is expected to report Q3 results on October 15.