Warren Buffett Just Put an Additional $800 Million in Bank of America
Warren Buffett's Berkshire Hathaway increased its stake in Bank of America by $813.3 million, according to CNBC.
A Securities and Exchange Commission filing revealed that Buffett's conglomerate, Berkshire Hathaway, purchased 33.9 million shares on Bank of America between Monday and Wednesday of this week. Berkshire's stake in Bank of America has now grown to more than $24 billion.
Bank of America shares rose 1 percent higher as the market sank lower. JPMorgan Chase, Citigroup, and Wells Fargo lagged behind Bank of America. Berkshire also has a stake in JPMorgan and Wells Fargo.
Buffett was optimistic in May during the annual shareholders meeting, stating “Nothing can basically stop America.” He continued, “the American miracle, the American magic has always prevailed and it will do so again.”