Warren Buffet invested more than 800 million in Bank of America Stock increasing his stake by 11.3%

This week, Warren Buffet bought more than $800 million worth of shares in the Bank of America thereby boosting his stakes in the bank by 11%. With the 32% down recorded in the Bank of America stock this week, perhaps, the billionaire investor decides to take advantage of the discount to add to his shares in the company.

Between Monday to Wednesday, Warren Buffet purchased more than 34 million shares in the Bank of America for an average price of $24. This implies that he spent more than $813 million in acquiring the share.

The purchase increases Buffet stock in the company by 3.6% to more than $900 million in value. Currently, Warren Buffet owns about 11.3% of the company. 

Also, the purchase made the Bank Warren Buffet's second-largest holding with Apple as the first. 

Following the $24.31 close value of the Bank of America Stock as of Wednesday, Berkshire's stock is calculated to be worth $23.9 billion. Since the bank stock experienced a plunge by 32% at the beginning of this year, it means Berkshire stack is worth $35 billion as of January. 

A few weeks ago, Warren was criticized for not taking advantage of Berkshire's massive hoarding which skyrocketed to about $137 billion in the first quarter of this year.

However, his acquisition of more stake in the company means that Warren is actively hunting for bargains and would be willing to add more to his existing holding if the price is right. 

In addition to this, Berkshire recently struck a deal with Dominion Energy's natural gas asset. The deal is worth $10 billion and would give Berkshire acquisition of most of the company's assets. However, from April to July, Berkshire appeared to have bought back about most of its stocks in the company. 

Warren's move shows that something positive is about to happen. 

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