Warren Buffett’s BofA Selling Spree Is Heading For A Key Milestone

(Bloomberg) — A dozen rounds of sales have reduced Warren Buffett’s stake in Bank of America Corp. up to a key regulatory threshold where it will no longer need to quickly notify the public of its transactions.

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Berkshire Hathaway Inc. now owns about 10.3 percent of the bank after its latest round of 10-week sales, a regulatory filing shows. If he stays the course, his stake would fall below 10 percent within about a week, freeing him from the obligation to quickly disclose the trades. Once Berskshire holds less than that, it can provide quarterly updates.

This time, Buffett liquidated $461 million in stocks in the three days through Friday, according to the filing. That brought total sales since mid-July to $9.4 billion. Even then, Berkshire’s remaining stake in the lender is worth nearly $32 billion based on Friday’s closing price, keeping the conglomerate’s perch as the top shareholder.

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