Table of Contents

• Berkshire Hathaway

• Meta Lawsuit

Top Stories Today

Economy & Finance

Berkshire Hathaway

Berkshire Hathaway, led by Warren Buffett, sold more than $3 billion worth of Bank of America shares in July, capitalizing on a significant increase in the bank's stock price. From July 25 to 29, Berkshire sold 18.4 million shares for $767 million. Despite these sales, Berkshire remains Bank of America's largest shareholder with a 12.4% stake, valued at $39.5 billion as of Monday's close. The sales occurred amid rising valuations, with Bank of America's stock price increasing by nearly two-thirds since late October. Buffett has previously expressed strong support for the bank's CEO, Brian Moynihan, and had indicated a reluctance to sell. However, Berkshire has also been reducing its stake in Apple, likely due to tax considerations. Further details may emerge with Berkshire's second-quarter results on Saturday.

Technology

Meta Lawsuit

Meta has agreed to pay $1.4 billion to settle a lawsuit with the state of Texas over allegations that the company illegally used biometric data from users without their consent. The lawsuit, filed by Texas Attorney General Ken Paxton in February 2022, accused Meta of capturing and storing biometric identifiers, such as facial geometry, from photos and videos uploaded to Facebook since 2011 through a feature called "Tag Suggestions." The settlement, considered the largest obtained by a single state, will be paid over five years.

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