Buffett Sold Billions in Bank of America Stock Prior To Massive Outage
Warren Buffet sold billions of dollars in Bank of America stock prior to the massive outage that drained customer accounts to zero.
Warren Buffett has sold 23% of his Bank of America stake for about $10 billion since mid-July, per Business Insider.
The famed investor’s Berkshire Hathaway sold roughly 239 million shares or around 23% of its stake in the banking giant between July 17 and October 2, Securities and Exchange Commission filings show.
Bershire Hathaway recently sold another 8m $BAC shares and is now only 12m $BAC shares away from falling below 10% in ownership.
User @DarioCpx shared on X, formerly Twitter, a screenshot of the updated holdings.
The selloff began on September 19 and ended on October 2, the day several Bank of America customers began reporting their money had disappeared from their accounts.
Bank of America has not yet responded to requests for comment regarding the situation, per ABC 7 News.
Several CNN employees with Bank of America accounts reported difficulty accessing their online accounts.
One customer received a message indicating that the current balance for one or more accounts “may be temporarily unavailable.”
One user noted on Downdetector, “Five accounts show zero balance, over 20K.”
Another mentioned that while he couldn’t log in, his wife could, but her accounts also showed no balance.
“Shows my debt just fine though,” commented another frustrated user.
On Facebook, users lamented over seeing their money suddenly disappear.
“PSA is anyone having issues with Bank of America right now because I logged in and it says I have zero balance and it can’t be,” said one user.
The timing of the incident with Berkshire Hathaway’s selloff has investors online speculating.
But I’m curious to know what you think — leave your thoughts below.
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Also Read: Barclays Is Now Fined For Illegal Swap-Reporting Manipulation
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