Warren Buffett surprised many investors by downsizing one of his longest held and largest positions — Bank of America .
Berkshire Hathaway recently unloaded 52.8 million Bank of America shares worth $2.3 billion during a six-day selling spree, the first time since late 2019 that the Omaha-based conglomerate reduced its holding.
The legendary investor said then that he liked the business, valuation and management of the Charlotte-based bank "very much."
BAC YTD mountain Bank of America Tax liability Taxes could also be a motivating factor in the BofA sale.
Buffett, who paid over $5 billion in corporate taxes in 2023, believes the corporate tax rate could move higher to help fill the government's yawning gap between spending and revenue.
Persons:
Warren Buffett, Buffett, Brian Moynihan, James Shanahan, Edward Jones, BofA, … BofA, they'd, Moynihan
Organizations:
— Bank of America, Oracle, Omaha . Berkshire Hathaway, of America, Berkshire, Apple, Bank of America
Locations:
Omaha ., Omaha, Berkshire, BofA, Charlotte