Buffett's firm selling some of its Wells Fargo shares
OMAHA, Neb. (AP) —
Warren Buffett's company is selling a chunk of its Wells Fargo stock to avoid some federal regulations.
Berkshire Hathaway says the sale isn't tied to the scandal about Wells Fargo's sales practices that led to the CEO's departure last year.
The company says it's selling to keep its stake of the bank below 10 percent to avoid additional Federal Reserve regulations. It will continue selling shares as needed to remain below that threshold.
Berkshire's holdings crept above 10 percent last year because of Wells Fargo's stock repurchases.
Berkshire says it has already sold 7.1 million shares and will sell about 1.9 million more. That will bring its holding to around 491 million shares.