Buffett Whittles Bank of America owns 10.5% with $863 million

(Bloomberg) — Berkshire Hathaway Inc . (BRK-B) of Warren Buffett sold an additional $863 million in shares of Bank of America Corp. (BAC), reducing the conglomerate’s stake closer to a regulatory threshold of 10%.

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Berkshire now owns 10.5 percent of the second-largest U.S. bank, after the latest sell-offs in the three days of trading through Tuesday, according to a regulatory filing. As long as it remains above the threshold, the company must disclose the transactions within days.

Buffett, 94, began reducing the massive investment in mid-July. Even after months of selling, Berkshire’s remaining stake in Bank of America is worth $32.1 billion based on Tuesday’s closing price, keeping Perch as the largest shareholder.

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