Warren Buffett's Berkshire Hathaway cuts Wells Fargo stake to 17-year low
between 1989 and 1990 to establish a 9.7% stake in the bank, which it grew as high as 13.3% in 1994.
The position peaked in value at over $27 billion in 2016, when Berkshire owned more than 500 million shares, giving it a 10% stake in the bank at the time. Berkshire steadily trimmed its Wells Fargo holdings over the next three years, then slashed them by more than 60% this year. Its remaining shares were worth about $3.4 billion as of Friday's close, reflecting Berkshire's reduced stake and the 54% slump in the bank's stock price this year.
Buffett may be cutting his exposure to Wells Fargo because of the reputational damage caused by its fake-accounts scandal and the lending limits imposed on it by federal regulators in 2018, David Kass, a finance professor at the University of Maryland,
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