Warren Buffett just sold off more shares of Bank of America (BofA), nearly $1 billion.

It makes you pause and wonder.

What does he know?

What is he expecting to happen?

With more and more people not spending due to Bidenomics, does he see bankruptcy in the future?

And he’s shed far more than $1 billion worth.

The sell off frenzy began a little over a month ago, and currently Berkshire has sold $5.4 billion worth of BofA shares!

Defaults incoming?

BREAKING: Warren Buffett sold another $981 million in Bank of America shares. pic.twitter.com/rtO3l07LHb

— The General (@GeneralMCNews) August 28, 2024

Warren Buffet sells nearly a billion dollars of Bank of America stock ..

The largest single shareholder at 12% he has spent the past few months selling stock like crazy.

A crash must be coming pic.twitter.com/WFpIAji333

— Casey Wright 🥖🎪 (@503i7) August 28, 2024

Reuters reports:

Billionaire Warren Buffett’s Berkshire Hathaway (BRKa.N), opens new tab has sold some more shares of Bank of America (BAC.N), opens new tab over the past few days, raking in $981.9 million, as the conglomerate continues to trim down its stake in the second-largest U.S. lender.

Berkshire has now shed about $5.4 billion worth of Bank of America shares in a string of sales since mid-July.

The conglomerate sold about 24.7 million shares of the lender between Aug. 23 and Aug. 27, according to a regulatory filing on Tuesday.

Shares of Bank of America were down 0.5% in premarket trading on Wednesday. They have fallen 4.8% over the last month, compared with a 1.7% fall in the KBW Bank Index (.BKX), opens new tab.

Buffett, one of the world’s most revered investors, started investing in Bank of America in 2011, when Berkshire purchased $5 billion of preferred stock.

The 93-year-old’s investment in the lender came at a time when some investors were worried about the bank’s capital needs.

Yahoo Finance adds:

Berkshire has not yet said anything about the motivation for selling some of its Bank of America stock. And it remains the bank’s largest stockholder, with over 900 million shares worth more than $35 billion.

The recent moves are notable because of Buffett’s long history with the bank. He injected $5 billion into Bank of America in 2011 as the lender struggled to overcome the wreckage of the subprime housing meltdown that caused the 2008-2009 financial crisis.

It wasn’t solely a bet on Bank of America’s recovery but also on the new leadership of CEO Brian Moynihan, who took over the top job in 2009.

And yet, back in May last year at Berkshire’s annual shareholder meeting, Buffett said:

“We’re very cautious … about ownership of banks and we do remain with one bank… I like Bank of America and I like the management,”

For those who want to dig deep into Bank of America and BlackRock:

Majority shareholder of Black Rock is Merrill Lynch, whose majority shareholder is Bank of America, whose majority shareholder is Warren Buffet’s Berkshire Hathaway, and Bank of America’s other secret is it was founded by Italian Gianninni. The world is run by a super monopoly. pic.twitter.com/LffSWbA1fx

— Scott Adams (@scottadamsshow) August 28, 2024