Warren Buffett's Berkshire Hathaway Reduces Stake In Wells Fargo

Warren Buffett's Berkshire Hathaway has cut its Wells Fargo.

Its stake in Wells Fargo is now at a 17 year low.

On Friday, Berkshire Hathaway said it owns 3.3% of the company, its slimmest ownership position since 2003.

In 1994, Berkshire owned 13.3% of the bank.

It held more than 500 million shares worth more than $27 billion in 2016.

Buffett's company now holds fewer than 140 million shares, worth about $3.4 billion.