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.