Saturday, October 12, 2024

Warren Buffett’s Berkshire Offloads More Bank of America Stock, Dropping Stake to Under 10 Percent (Connecting the Dots: Warren Buffett, Bank of America, Deutsche Bank, Apple & Soros Funding, All Networking)

Warren Buffett’s Berkshire Offloads More Bank of America Stock, Dropping Stake to Under 10 Percent (Connecting the Dots: Warren Buffett, Bank of America, Deutsche Bank, Apple & Soros Funding, All Networking)

Berkshire Hathaway has sold another 9.5 million Bank of America shares, reducing its stake below a key regulatory reporting threshold of 10 percent.

The Epoch Times

By Tom Ozimek

10/11/2024 Updated:10/11/2024

Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks during a game of bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb., on May 5, 2019. Nati Harnik/AP Photo

https://www.theepochtimes.com/business/warren-buffetts-berkshire-offloads-more-bank-of-america-stock-dropping-stake-to-under-10-percent-5740084

Warren Buffett’s Berkshire Hathaway has trimmed its stake in Bank of America by another 9.5 million shares, worth around $382 million, dropping his company’s holdings in the bank to less than 10 percent, a key reporting threshold.

Berkshire disclosed the latest sale in a regulatory filing with the U.S. Securities and Exchange Commission (SEC) on Oct. 10, bringing the total value of Bank of America stock that Buffett’s company has sold in a selling spree that began in July to roughly $10 billion.

The latest selloff brings Berkshire’s stake in Bank of America to 775 million shares, worth roughly $31 billion and representing a 9.99 percent stake in America’s second-biggest bank. By falling below the 10 percent threshold that mandates immediate SEC disclosure, Berkshire is now able to report any future sales in its quarterly filings instead of promptly after each transaction.

Neither Buffett nor Berkshire have said what’s behind the selloff, which began roughly three months ago. When the Omaha-based company sold nearly $230 million worth of Bank of America shares in September, the bank’s chief expressed surprise.

When asked about Buffett’s sell-off of the bank’s shares at a Barclays event on Sept. 10, Bank of America CEO Brian Moynihan said he wasn’t sure what was motivating the billionaire investor, adding that the Berkshire founder has “been a great investor for our company” and had “stabilized our company when we needed it.”

“I don’t know what exactly he’s doing, because frankly, we can’t ask him,” Moynihan said at the Barclays Global Financial Services conference. “We wouldn’t ask.”

Some analysts speculated in September that the move was about making a profit when stock prices were high, rather than due to economic fears.

“The Berkshire BofA sale is just profit taking after being opportunistic when the stock was much cheaper,” said Christopher Marinac, director of research at Janney Montgomery Scott.

“We don’t know how much further he [Buffett] could sell down shares (if any), but we assume it’s possible he aims to be just below the 10% reporting threshold to avoid regulatory scrutiny,” Deutsche Bank analyst Matt O'Connor wrote in a note at the time.

Earlier this year, Buffett made headlines by cutting Berkshire’s holding of Apple shares. Berkshire started the year with $174.3 billion in Apple stock, trimming it to $135.4 billion by the end of the first quarter, paring it down further to $84.2 billion as of June 30.

Despite cashing in a significant portion of his Apple shares, Buffett said at Berkshire’s May 4 annual meeting that he remains a fan of the iPhone maker and that he expects Apple to remain Berkshire’s largest stock investment. While answering questions at the annual meeting, Buffett suggested that the stock sale was for tax reasons as there was a risk that the federal capital gains tax rate could increase, depending on who wins the presidential election in November.

The 94-year-old Buffett, considered one of the world’s most renowned investors, started investing in Bank of America in 2011 when Berkshire purchased $5 billion of preferred stock in the lender.

Connecting the Dots:

Paul M. Achleitner is the chairman for the Deutsche Bank and a trustee at the Brookings Institution (think tank).

A.W. Clausen was the chairman & CEO for the Bank of America Corp. and an honorary trustee at the Brookings Institution (think tank).

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank) and the Urban Institute (think tank).

George Soros was the chairman for the Foundation to Promote Open Society and a friend of Michael Douglas.

Warren E. Buffett is a life trustee at the Urban Institute (think tank) the chairman & CEO for Berkshire Hathaway Inc. and an adviser at the Nuclear Threat Initiative (think tank).

Michael Douglas is a director at the Nuclear Threat Initiative (think tank) and a friend of George Soros.

Carnegie Endowment for International Peace (think tank) was a funder for the Nuclear Threat Initiative (think tank).

Foundation to Promote Open Society was a funder for the Carnegie Endowment for International Peace (think tank) and the Center for American Progress.

George Soros was the chairman for the Foundation to Promote Open Society and a supporter for the Center for American Progress.

Apple Inc. was a funder for the Center for American Progress.

Steve Jobs was the co-founder & chairman for Apple Inc. and authorized his biography for Walter Isaacson to write.

Walter Isaacson was the writer for the Steve Jobs (2011 autobiography), the chairman & CEO for CNN, is a director at the Bloomberg Family Foundation and the president & CEO for the Aspen Institute (think tank).

Bloomberg Family Foundation was a funder for the Aspen Institute (think tank).

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank) and the Carnegie Endowment for International Peace (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Hisashi Owada was a lifetime trustee at the Aspen Institute (think tank) and is a director at the Nuclear Threat Initiative (think tank).

Carnegie Endowment for International Peace (think tank) was a funder for the Nuclear Threat Initiative (think tank)

Ted Turner is a co-chairman for the Nuclear Threat Initiative (think tank) and the founder of CNN.

Michael Douglas is a director at the Nuclear Threat Initiative (think tank) and a friend of George Soros.

Warren E. Buffett is an adviser at the Nuclear Threat Initiative (think tank), the chairman & CEO for Berkshire Hathaway Inc. and a life trustee at the Urban Institute (think tank).

Foundation to Promote Open Society was a funder for the Urban Institute (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Resources: Past Research

Evil is Extremely Organized (Past Research on the Deutsche Bank)

Thursday, March 27, 2014

https://thesteadydrip.blogspot.com/2014/03/evil-is-extremely-organized.html

Cries of Racism Over Bank of America's New Mortgage Program Miss the Bigger Issue (Connecting the Dots: Bank of America Corp, the U.S. Department of Housing and Urban Development (HUD) and Soros Funded Think Tanks All Networking) (Past Research on the Bank of America Corp)

Thursday, September 1, 2022

https://thesteadydrip.blogspot.com/2022/09/cries-of-racism-over-bank-of-americas.html

Smaller Bites – Connecting the Dots: Warren Buffett, Apple & Soros Funding (Past Research on Warren Buffett & Apple)

Tuesday, May 9, 2023

https://thesteadydrip.blogspot.com/2023/05/smaller-bites-connecting-dots-warren.html

Apple to Spend $200 Million Supporting Corning Plant in Kentucky (Past Research on Apple)

Saturday, May 13, 2017

https://thesteadydrip.blogspot.com/2017/05/apple-to-spend-200-million-supporting.html

Charleston: CNN’s Sick Pattern of Using the Dead as Political Weapons Against the Right (Past Research on CNN)

Saturday, June 20, 2015

https://thesteadydrip.blogspot.com/2015/06/charleston-cnns-sick-pattern-of-using.html

No comments:

Post a Comment