Warren Buffett’s Berkshire offloads more Bank of America stock, stake drops below 10%

Billionaire investor Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) (BRK.B) unloaded more shares of Bank of America (NYSE:BAC) this week, bringing its total holding in the U.S. banking giant to marginally below 10%.

Berkshire (BRK.A) sold over 9.5 million shares in three transactions from October 8 to 10, bringing its total holdings down to 775 million shares, or about 9.99% of Bank of America’s (BAC) total outstanding shares, a regulatory filing showed on Thursday.

With the stake now below 10%, Berkshire (BRK.A) is no longer required to report its transactions within two business days, allowing Buffett more flexibility in trading without immediate public scrutiny.

The divestiture is part of a selling trend that began in mid-July and has cashed out more than $10 billion from the U.S. lender.

A day prior, Berkshire (BRK.B) raised $1.9 billion through a seven-tranche yen-denominated bond deal.