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Warren Buffett\u2019s Berkshire Hathaway<\/a> Inc. sold about 34 million shares of Bank of America<\/a> Corp. for $1.48 billion, according to a public filing Friday.<\/p>\n Berkshire still owns more than 998 million shares, valued at over $42 billion, making the conglomerate one of the bank\u2019s largest shareholders, according to Bloomberg data. Bank of America stock has risen 7.9% in the month to date.<\/p>\n Buffett had\u00a0invested<\/a>\u00a0$5 billion in the bank in 2011 in exchange for preferred stock and the right to buy common shares, providing a vital signal of confidence in the lender after the financial crisis. The cash infusion had quelled doubts about whether the bank had enough capital, and its shares soon surged, creating a massive paper profit for Berkshire.<\/p>\n Buffett eventually used those rights and additional share purchases to build up a stake that swelled into one of Berkshire\u2019s largest stock holdings. The billionaire\u2019s lengthy investment has also served as a vote of confidence in the stewardship of the bank\u2019s chief executive officer, Brian Moynihan.<\/p>\n<\/div>\n\nRecommended Newsletter: <\/strong>CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n<\/div>\n