Aug 02, 2024 08:33 AM IST

Warren Buffett sold shares of Bank of America Corp. for the 12th straight day, trimming his conglomerate’s massive stake in the lender by a total of 8.8% — or $3.8 billion — since mid-July.

In the latest disposals, his Berkshire Hathaway Inc. reaped $779 million selling stock on July 30 through Aug. 1, according to a regulatory filing late Thursday. It still has more than 942 million shares of the Charlotte, North Carolina-based bank worth $37.2 billion, based on the day’s closing price.

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So far, Buffett has kept silent about his reasons and intentions while whittling the highly profitable bet — an investment that began when the stock was trading near $5 in 2011. The shares were on a tear in the months before the selling spree — up 31% this year — but the price has since fallen more than 10% to $39.50, bringing it in line with the broader KBW Bank Index.

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Altogether, the string of disposals constitute Buffett’s biggest pullback from an investment that has long served as a stamp of approval on the leadership of Bank of America Chief Executive Officer Brian Moynihan, whom the 93-year-old investor has repeatedly praised in public.