CNBC recently announced that Warren Buffett just made a quick $12 billion on a clever Bank of America investment.
Because of an astute investment made in Bank of America six years ago while the bank was struggling, Warren Buffett is about to make a quick $12 billion and become the financial institution’s largest shareholder.
Buffett’s Berkshire Hathaway said Friday it will exercise warrants in Bank of America that will allow it to acquire 700 million common shares in the bank at an exercise price of just $7.14 each, or about $5 billion.
Bank of America shares closed Thursday at $24.32 a share, making that stake actually worth more than $17 billion. So it’s a quick $12 billion paper profit for the Oracle of Omaha.
You can read the full article here.
For all the latest news and podcasts, join our free newsletter here.
Don’t forget to check out our FREE Large Cap 1000 – Stock Screener, here at The Acquirer’s Multiple:
