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Billionaire Warren Buffett Now Owns 700,000,000 Shares of Bank of America

August 30, 2017

Via: TheStreet

Billionaire Warren Buffett’s Berkshire Hathaway ( BRK.A) ( BRK.B) on Tuesday exercised its right to acquire 700 million shares of Bank of America Corp ( BAC) , effectively becoming the bank’s top shareholder, Reuters reports.

The purchase more than triples his original investment made six years ago.

TCharlotte, NC.-based Bank of America announced the exercise of warrants that gave Berkshire the right to obtain the bank’s shares for roughly $7.14 each.

The action now gives Berkshire around a 6.6% stake in the U.S. bank, based on an uptick in the amount of Bank of America shares outstanding, Reuters data indicated.

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