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’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
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