Warren Buffett's Berkshire Hathaway can double its Bank of America stake to almost 25%
stake to 24.9%, a spokesperson for the Federal Reserve Bank of Richmond told Business Insider this week.
The famed investor's conglomerate spent about $1.7 billion on the bank's shares in the space of nine trading days in July, boosting its ownership to 11.8% — a position worth more than $25 billion based on Bank of America's closing share price on Monday.
Berkshire made those purchases after seeking permission from the Richmond Fed to exceed the typical 10% ownership limit for investors. The regulator approved its application in April, a spokesperson said. If Buffett wants to boost his stake beyond 24.9%, he will have to file for Berkshire to become a bank-holding company, the Richmond Fed spokesperson added.
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