Warren Buffett Officially Owns 700 Million Shares of This Bank Stock
Warren Buffett made a savvy deal in the post-financial-crisis era that gave Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) the right to purchase 700 million shares of Bank of America's (NYSE: BAC) common stock at a deeply discounted price. Although Buffett and his team had until September 2021 to exercise the warrants, the Oracle of Omaha decided to pull the trigger and add Bank of America to Berkshire's portfolio four years early.
According to a press release from Bank of America, Berkshire Hathaway has officially exercised its warrants to purchase 700 million shares of the bank, and it used the $5 billion in Bank of America preferred stock it already owned to do so.
Image source: The Motley Fool.
Source: Fool.com
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