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In a recent development, Warren Buffett has made headlines by adding approximately $6 billion to Berkshire Hathaway’s cash reserves through a series of Bank of America stock sales. These sales have been ongoing since mid-July and have generated significant returns for Berkshire Hathaway.
According to a recent filing, Buffett sold 21.1 million shares of Bank of America over three consecutive days, bringing in $848.2 million at an average price of $40.24 per share. This follows a trend of six straight sessions of selling Bank of America shares, totaling 150.1 million shares and $6.2 billion in proceeds, at an average price of $41.33 per share.
Despite the sales, Berkshire Hathaway remains the largest shareholder of Bank of America, holding an 11.4% stake with 882.7 million shares valued at nearly $36 billion. However, with the continued sales, the company is inching closer to Vanguard Group’s 639 million shares.
While there are speculations about the reasons behind Buffett’s decision to sell Bank of America shares, Berkshire Hathaway has not provided any official explanation. Buffett, who recently turned 94, has amassed a record cash pile of $277 billion as of June 30.
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