Business
Warren Buffet now major shareholder Bank of America
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.
-
Economy1 day agoNigeria’s Digital Boom needs nuclear power partnerships for long-term success
-
News1 day agoCardoso formally receives Central Bank of the Year Award
-
Uncategorized1 day ago
June 12 Democracy Day declaration not enough, as citizens wallow in pain – ActionAid, FG declares Friday public holiday
-
Finance5 hours agoElon Musk becomes world’s first trillionaire as SpaceX shares soar on stock market debut
-
Stock Market5 hours agoFG to raise N4trn bond to settle electricity debt
-
Oil and Gas1 day agoNNPC is house of thieves, fraud; Kyari must be arrested dead or alive to account for N210 trillion—Oshiomhole
-
Oil and Gas1 day agoDangote Refinery seeks $1bn private placement ahead of planned listing
-
News1 day agoMiddle East Conflict sends global growth to lowest rate since COVID-19, WBG to Provide up to $100bn for Affected countries over 15 Months—WBG