Warren Buffett Sells $3.23 Billion in US Bank Stakes
Billionaire investor Warren Buffett has sold approximately $3.23 billion worth of Berkshire Hathaway’s holdings in major U.S. banks, continuing his strategy of reducing exposure to the sector.
Recent filings reveal that Buffett’s firm has eliminated its stake in Citigroup, Bank of America, and Capital One, following the previous sale of positions in JPMorgan Chase and Wells Fargo.
Berkshire Hathaway has fully exited its position in Citigroup, selling its remaining 14,639,502 shares, valued at roughly $1 billion, in the first quarter of this year. Additionally, the firm reduced its holdings in Bank of America by unloading 48.7 million shares, worth about $2.19 billion. After the sale, Berkshire now owns 631,573,531 shares of the banking giant.
Buffett’s firm also trimmed its exposure to Capital One, selling 300,000 shares worth approximately $46.5 million. This leaves Berkshire Hathaway with a remaining 7.15 million shares in the company. In another move, the firm completely divested its shares in Brazilian fintech firm Nu Holdings.
These moves signal a continued shift in Buffett’s strategy regarding U.S. banking stocks, with Berkshire Hathaway cutting ties with several financial institutions that have traditionally been part of its portfolio.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
