Warren Buffett’s conglomerate, Berkshire Hathaway, recently sold $845 million worth of Bank of America shares, continuing a series of sales totaling over $6 billion since July. Buffett, a legendary investor, has led Berkshire to extraordinary growth since 1965, making it the only non-tech U.S. company to surpass a $1 trillion market cap. Despite his immense wealth, Buffett is known for his frugal lifestyle and deep commitment to the “buy and hold” investment strategy.

Berkshire Hathaway, the massive conglomerate led by billionaire investor Warren Buffett, has once again reduced its stake in Bank of America, selling approximately $845 million worth of shares, according to regulatory filings. This marks the seventh round of sales since July, with the total value of shares sold exceeding $6 billion.

Berkshire Hathaway Reduces Stake in Bank of America

Berkshire Hathaway, led by billionaire Warren Buffett, has sold $845 million in Bank of America shares. This latest transaction is part of a series of sales that have seen the conglomerate divest over $6 billion worth of shares in the second-largest U.S. bank since July.

Buffett, often referred to as the “Oracle of Omaha,” was born in Omaha, Nebraska. Despite coming from a modest background, Buffett developed an early interest in investing. At the age of seven, he borrowed a book from the local library titled 1,000 Ways to Make $1,000, which fueled his passion for finance. By the time he was a high school senior, his yearbook caption read, “Likes math, likely to become a stockbroker.”

However, Buffett’s career would evolve far beyond that of a stockbroker. Today, he is celebrated as one of the greatest investors of all time. On Wednesday, his company, Berkshire Hathaway, surpassed the $1 trillion market capitalization mark. Remarkably, Berkshire is the only non-tech U.S. company to achieve this milestone. The other American companies with market caps over $1 trillion are Apple, Nvidia, Microsoft, Alphabet, Amazon.com, and Meta Platforms.

Buffett, now 94 years old, has been at the helm of Berkshire Hathaway since 1965. Under his leadership, the company’s stock has soared by over 5,600,000%, or roughly 20% annually—nearly double the corresponding return of the S&P 500 over the same period.

Although Buffett has donated a significant portion of his wealth to charity, he still retains a net worth of $144.9 billion, making him the sixth richest person in the world.

A Lifetime of Wealth Building

Buffett’s interest in making money was evident from a young age. At 10, a visit to New York and lunch with a prominent Wall Street broker solidified his career aspirations. By 11, Buffett made his first stock purchase, an experience that taught him the value of patience in investing—an approach that has defined his career.

Buffett made his first investment the following year. At 11 years old, he bought three shares of Cities Services Preferred for $38 each. Although the stock price initially dropped to $27, young Buffett held on, selling only when it reached $40—a small profit. When the stock later soared to nearly $200, Buffett learned a valuable lesson that would shape his investment strategy: “Buy and hold.”

This “buy and hold” strategy became the foundation of Buffett’s reputation as the “Oracle of Omaha.” It also transformed Berkshire Hathaway’s annual shareholders meeting into what is often referred to as the “Woodstock of Capitalism.” Each year, tens of thousands of shareholders descend on Omaha for a four-day festival featuring everything from investment seminars to networking opportunities and product showcases from Berkshire’s many businesses. Buffett is often seen mingling with the crowd, playing cards, eating ice cream, posing for selfies with fans, and drinking Coca-Cola—one after another. His love for the iconic American beverage led him to invest over $1 billion in The Coca-Cola Company in 1988. “I’m one-quarter Coca-Cola,” he once told Fortune magazine, revealing that he drinks at least five cans a day.

Buffett lives his daily life the “American way” and builds his investment portfolio accordingly. Sticking to his principle of not investing in businesses he doesn’t understand, Buffett has spent five decades betting on the American consumer. Today, Berkshire Hathaway sells Americans everything from bricks and batteries to underwear and cowboy boots. With businesses spanning manufacturing, retail, insurance, and railroads, Berkshire Hathaway companies employ 360,000 people.nAs for Buffett himself, with a net worth of $100 billion, he is known for his frugal lifestyle. He takes public transportation, still lives in the same house he bought in 1957 for $31,500, and often eats at McDonald’s using coupons.