Warren Buffett hikes Bank of America bet by greater than $800 million


Warren Buffett

Gerry Miller | CNBC

Warren Buffett this week added to his already enormous stake in Bank of America in a time once the coronavirus pandemic still strikes the U.S. and global economic outlook.

A Securities and Exchange Commission filing revealed Buffett’s conglomerate, Berkshire Hathaway, purchased 33.9 million shares of the banking giant between Monday and Wednesday. That raised Berkshire’s stake in Bank of America by $813.3 million into greater than $24 billion.

Bank of America shares rose nearly 1 percent, bucking the wider market’s negative tendency Thursday and outperforming other significant banks like JPMorgan Chase, Citigroup and Wells Fargo. Berkshire also has stakes in JPMorgan and Wells Fargo.

In May,” Buffett struck a positive tone in Berkshire’s yearly shareholder’s meeting, which had been held almost on account of this coronavirus pandemic.

“Nothing could essentially stop America,” Buffett told investors. “The American wonder, the American magical has ever prevailed and it’ll do this again.”

But, the Oracle of Omaha also disclosed he sold from his airline holdings on account of the uncertainty resulting from the outbreak.

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