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.
-
Economy2 days agoCPPE expresses worry over real-sector financing gap of over ₦50trn, proposes new devt-finance architecture
-
Oil and Gas2 days agoEnergy professionals demand probe of NNPC, NUPRC over transparency concerns
-
Economy2 days agoAlake’s media aide debunks claims of handing over Nigeria’s solid minerals to Chinese
-
Oil and Gas2 days agoGroup urges Ogoni to support resumption of oil production, 33-year shutdown cost Nigeria, Rivers $226bn
-
Economy17 hours agoEBID, CORIS Holding sign 80m euro financing agreement to strengthen food, energy, agric value chains in West Africa
-
News17 hours agoBreastfeeding can improve Nigeria’s economy—Commissioner
-
Oil and Gas17 hours agoOil prices drop 5% to three-week low after Trump cancels attack on Iran
-
Oil and Gas17 hours ago
NNPC remits N6.286trn into federation account between January and June 2026, issues another tender to sell Cawthorne crude