Omaha, Nebraska – Warren Buffett’s Berkshire Hathaway has continued to reduce its holdings in Bank of America, with sales nearing $1 billion in recent transactions. The latest disposals involved shedding almost 25 million shares over the past week. This move is part of a broader trend that started in July, when Berkshire began divesting its shares in the bank.
Despite these substantial sales, Berkshire Hathaway remains a major shareholder in the Charlotte, North Carolina-based bank, maintaining control of nearly 12% of its stock. This consistent sell-off, however, points to a strategic reshaping of Berkshire’s expansive investment portfolio, which stretches across various sectors of the economy.
Coinciding with these stock movements, Berkshire Hathaway’s Class A shares saw a notable increase. By the close of trading Wednesday, shares had surged by $7,184.62, reaching a selling price of $698,534.62 each, reinforcing their status as some of the most expensive trading assets on Wall Street.
Buffett’s recent activities have notably included a significant reduction in his stake in Apple, cutting it by half. This adjustment contributed to Berkshire’s cash reserves reaching an unprecedented high of $277 billion as of June 30. These reserves have grown since, bolstered not only by proceeds from stock sales but also through earnings accrued from Berkshire’s diverse holdings.
Berkshire’s portfolio includes major businesses such as BNSF railroad and Geico insurance, as well as a range of utilities and retail and manufacturing companies. The conglomerate’s robust composition and strategic adjustments exemplify its adaptive management strategy amidst fluctuating market conditions.
In a separate but noteworthy legal development, a federal appeals court has reinvigorated Sarah Palin’s libel lawsuit against The New York Times. This decision came Wednesday, overturning a lower court judge’s earlier motion to dismiss the case during jury deliberations—an act deemed as an intrusion into the jury’s responsibilities.
The lawsuit, initiated by Palin, the former Alaska governor and Republican vice presidential candidate, challenges a 2017 editorial by the Times. She claims the piece erroneously connected her campaign rhetoric to a tragic mass shooting, purportedly tarnishing her professional stature and reputation.
The reinstatement of Palin’s lawsuit marks a significant moment in legal proceedings concerning media and public figure interactions, underlining the continuing tension between press freedom and individual rights in the United States. The ultimate resolution of this case could have implications for how news outlets approach the coverage of public figures, particularly in highly charged political contexts.