Berkshire sells 34 million shares of its stake in Bank of America for $1.48 billion

Berkshire Hathaway, owned by Warren Buffett, sold about 34 million shares of Bank of America for $1.48 billion.

Berkshire still owns more than 998 million shares, valued at more than $42 billion, making the group one of the largest shareholders in the bank, according to Bloomberg data.

It is noteworthy that Buffett had invested $5 billion in the bank in 2011.

The massive cash infusion at the time allayed doubts about whether the bank had sufficient capital to continue its operations. Within a short time, the bank’s shares jumped, and Berkshire’s profits swelled with them.

Eventually, Buffett used those rights and additional stock purchases to build a stake that grew into one of the largest stock holdings in his group. The old billionaire’s long-term investment was also a vote of confidence in the management of the bank’s CEO, Brian Moynihan.