Warren Buffett's Berkshire Hathaway has disclosed its third sale of Bank of America shares this month, trimming its sizeable and profitable stake in the lender by more than $3 billion, according to Bloomberg News.
Just 10 days ago, Berkshire had sold roughly 34 million shares of Bank of America for $1.48 billion, a US public filing had said.
The latest stake sales capture Buffett's most stake reduction in a long-term bet, also seen as an endorsement of Bank of America CEO Brian Moynihan's leadership.
The 93-year-old renowned investor is trimming his position as the stock price has risen by 22% this year.
Despite the stake reduction, Buffett's Berkshire still holds shares worth $39.5 billion at Monday’s price.
In 2011, Buffett had invested $5 billion in Bank of America, offering crucial support to the lender following the global financial crisis.
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