Warren Buffet Bags ₹31,000 Crore By Selling 8.8% Stake In Banking-Behemoth Bank Of America

The Oracle of Omaha, Warren Buffet, is known for sustaining his investment for as long as he can. In fact, Buffet was even once quoted saying that his waiting period for any stock is 'forever'.

Warren Buffet Trims 8.8% In BoA

But, after the much-discussed sale of his stakes in the tech giant Apple, another series of sales has made headlines.

According to reports from Bloomberg, Buffet trimmed his shares in the American banking giant, Bank of America for the 12th straight trading day.

Buffet, in the process, managed to truncate his hold in the bank by 8.8 per cent. This, in absolute money terms, amounts to USD 3.8 billion or a whopping Rs 31,000 crore.

Between July 30 and August 1, in his latest tranche of disposal, Buffet-led Berkshire Hathaway Inc. made a staggering USD 779 million by diluting its presence in the banks's shareholding.

It is interesting to note that one of the richest men in the world and his entity still continue to own 942 million shares worth USD 37 billion in the North Carolina-based bank.

Like in the case of Apple, wherein he offloaded some of his stake, not much has been provided in terms of the reasoning for the move, from one of the most consequential names in Wall Street.

Bank of America Shares In Red

Bank of America, a lot like Apple, is a highly consequential entity; in fact, outside of China and its gargantuan state-owned banks, Bank of America is the second largest bank in the world in terms of assets wielded.

BoA has a total asset count of USD 3,180.15 billion or simply USD 3 trillion. This is just behind one of the largest banks in the world, J.P. Morgan Chase.

Following this near-fortnight-long sell-off from Warren Buffet, the shares of the bank drowned. On August 2, the company shares dropped by a significant 2.01 per cent or USD 0.81, closing at USD 39.50 per share.