Berkshire sells nearly all of its wells Fargo holding as Warren Buffet abandons a more than 31-year-old investment – Mazech Media mazech.com
Legendary billionaire investor, Warren Buffet has got rid of a more than 31-year-old investment in Wells Fargo after selling nearly all of his company’s holdings in Wels Fargo.
In a regulatory filing on Monday, Berkshire Hathaway Inc, a company owned by Warren Buffet, said it now owns just $26.4 million of shares in Wells Fargo, the fourth-largest U.S. bank, down from around $32 billion in January 2018.
Wells Fargo had been among Buffet’s most successful investment before the bank was enmeshed in scandals for mistreating customers and allegations of opening fake accounts.
Berkshire, the Omaha Nebraska-based company, began investing in Wells Fargo in 1989, and spent at least $12.7 billion on its shares, building a 10% stake.
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