Bloomberg News reports that the billionaire investor’s stake reached that threshold because Wells Fargo has been buying back stock, according to a regulatory filing Monday. The document said the holding is about 506m shares, the same as on December 31 when it accounted for 9.9%.
Buffett, 85, has long been a fan of Wells Fargo and invested in the bank in 1989. Since then, he’s built the holding into one of Berkshire’s largest stock investments. While his company also has stakes in Goldman Sachs and U.S. Bancorp, the billionaire has said he favors concentrating his bank investments in Wells Fargo.
“I like loading up on the one I like best,” he told Bloomberg Television’s Betty Liu during an interview in 2013.
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