American billionaire Warren Buffett’s Berkshire Hathaway group has officially become the top shareholder in Bank of America after exercising its right to buy 700 million shares at a discount.
Buffett had received the warrants in 2011 after investing $5 billion in the bank, which was suffering at the time from the fallout from the global financial crisis.
Bank of America said Buffett had acquired the shares for about $7.14 each — well below their Tuesday closing price of $23.58.
Buffett’s investment is now worth $16.51 billion, meaning he has made a capital gain of nearly $12 billion.
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Warren Buffett becomes top shareholder in Bank of America
Buffett had received the warrants in 2011 after investing $5 billion in the bank, which was suffering at the time from the fallout from the global financial crisis.
Bank of America said Buffett had acquired the shares for about $7.14 each — well below their Tuesday closing price of $23.58.
Buffett’s investment is now worth $16.51 billion, meaning he has made a capital gain of nearly $12 billion.
READ FULL ARTICLE
Warren Buffett becomes top shareholder in Bank of America
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