Billionaire Warren Buffett Now Owns 700,000,000 Shares of Bank of America - TheStreet

Billionaire Warren Buffett's Berkshire Hathaway (BRK.A) - Get Report (BRK.B) - Get Report on Tuesday exercised its right to acquire 700 million shares of Bank of America Corp (BAC) - Get Report , effectively becoming the bank's top shareholder, Reuters reports.

The purchase more than triples his original investment made six years ago.

TCharlotte, NC.-based Bank of America announced the exercise of warrants that gave Berkshire the right to obtain the bank's shares for roughly $7.14 each.

The action now gives Berkshire around a 6.6% stake in the U.S. bank, based on an uptick in the amount of Bank of America shares outstanding, Reuters data indicated.

Shares of Bank of America traded up 0.5% to $23.72 Wednesday morning.

Warren Buffett isn't your run-of-the-mill mega-rich billionaire. 

More of What's Trending on TheStreet:

  • Costco's Dramatic Crash Might End Up Yielding a Huge Payoff
  • Joel Osteen Has Built a Business Empire
  • Under Armour's Move Into Sneaker Business Has Been a Disaster, Jim Cramer Says
  • Buying a Tesla Could Soon Become Ridiculously More Expensive
  • Stocks Hold Onto Gains as Trump Talks Tax Reform