4.9 C
New York
Thursday, November 14, 2024
HomeNewsWarren Buffett becomes top shareholder in Bank of America

Warren Buffett becomes top shareholder in Bank of America

Date:

Related stories

Brampton Hindu temple cancels Life Certificate event amid Khalistani separatist threats

The Brampton Triveni Community Centre in Canada has cancelled...

Kash Patel’s vision to reshape FBI and Justice Department in Trump’s second term

President-elect Donald Trump announced over the weekend that former...

Democratic fundraiser Ajay Bhutoria faces racist threats

Indian American Democratic fundraiser and prominent Kamala Harris supporter,...

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. “In 2011, we welcomed Berkshire Hathaway as a shareholder, and we appreciate their continued support now as our largest common shareholder,” the bank’s CEO Brian Moynihan said in a statement. Buffett’s other holdings include major assets in real estate and insurance. He is also the biggest shareholder in Wells Fargo.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here