Bank of America confirms Warren Buffett as Major Shareholder
Aug 30, 2017 Business 3476 By Abdulkerimu Oare
- Buffett's firm now a major shareholder in Bank of America.
- Also a major investor in Wells Fargo.
World famous American Billionaire and Philantrophist, Warren Buffett's firm Berkshire Hathaway has just been confirmed as a major shareholder with Bank of America.
While going through difficulties in 20011, Buffett supported the Bank by investing $5 Billion.
The Billionaire's initial investment helped
him secure the Bank's shares at $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.
Among other key investments, Warren Buffett is also the major shareholder of Wells Fargo.