Warren Buffett, the renowned investor, has made a significant move by selling a whopping $10.5 billion worth of Berkshire Hathaway’s stake in Bank of America in just a few months. New filings with the U.S. Securities and Exchange Commission reveal that the firm sold an additional 8.54 million shares, valued at $337.86 million, in September and October. This decision comes after Berkshire completely divested its positions in JPMorgan Chase and Wells Fargo in recent years, making it the 15th round of relentless sales of Bank of America shares.

As a result of these sell-offs, Berkshire’s overall stake in the bank has dropped below 10%. Fortune reports that this is a significant threshold, as it allows Berkshire to report its trades in Bank of America every quarter instead of every few days. Consequently, investors will not be aware of any further sell-offs until mid-November.

Although Buffett has not explicitly disclosed the reasons for reducing the firm’s exposure to Bank of America, he expressed his concerns about the banking sector as a whole last year. He highlighted the uncertainty surrounding the stability of deposits, stating that the financial crisis of 2008 and the current economic climate have altered the landscape significantly. As a result, Berkshire is exercising caution in its ownership of banks.

Despite the recent sell-off, Berkshire remains the largest shareholder of Bank of America, with its position in the financial giant now valued at approximately $31 billion.

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