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.
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