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The famed investor’s conglomerate disposed of almost 860,000 BNY Mellon shares for about $35 each, trimming its stake in the bank from roughly 10.4% to 9.8%. It likely wanted to reduce the added regulatory burden that comes with holding a stake of 10% or more.
Berkshire’s remaining stake in the company is worth about $3.3 billion. BNY Mellon stock has plunged by more than a quarter since the start of the year, reflecting a broader market decline fueled by the novel coronavirus pandemic.
The sales come after Berkshire sold nearly $390 million worth of shares in Delta Air Lines and Southwest Airlines last week, slashing its stakes in each airline by roughly 18% and 3%.