Berkshire Hathaway sold approximately 33.9 million shares of Bank of America for around $1.48 billion this week, according to a regulatory filing. After the sale, Berkshire still holds about 999 million shares of the Charlotte-based lender.
Berkshire, led by Warren Buffett, remains one of Bank of America’s largest shareholders. The conglomerate also invests in other major banks, including Wells Fargo and JPMorgan Chase.
Buffett’s firm began investing in Bank of America in 2011, purchasing $5 billion in preferred stock and warrants to buy 700 million common shares during a period when many investors were concerned about the bank’s capital needs.