(Bloomberg) — A dozen sales rounds have reduced Warren Buffett’s stake in Bank of America Corp. to the cusp of a key regulatory threshold, where he will no longer need to quickly notify the public about his operations.
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His Berkshire Hathaway Inc. now owns about 10.3% of the bank after the latest round of its 10-week selling spree, a regulatory filing shows. If he stays the course, his stake would fall below 10% in about a week, freeing him from the obligation to quickly disclose the transactions. Once Berskshire has less than that, it will be able to provide quarterly updates.
This time, Buffett liquidated $461 million in shares over the three days through Friday, according to the document. 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, preserving the conglomerate’s position as the largest shareholder.
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