Buffett's Berkshire continues to reduce Bank of America stake

Billionaire Warren Buffett's Berkshire Hathaway has unloaded more Bank of America stock as it continues to trim stake in the U.S. banking giant, according to a regulatory filing.

Berkshire sold nearly 8.7 million shares for $370 million, as of Oct. 15, the filing showed.

Last week, Berkshire sold 9.5 million shares worth $382.4 million that brought its stake in the company to below 10%, according to a separate regulatory filing.


The investment giant began trimming its stake in mid-July when it sold about 33.9 million shares for around $1.48 billion. Since then, it has netted more than $10 billion from these sales.

Buffett, one of the world's most revered investors, first invested in Bank of America back 2011 when he purchased $5 billion worth of its preferred stock.