The Wall Street Journal: Buffett reaps $13 billion as Berkshire becomes Bank of America’s biggest shareholder

Warren Buffett’s Berkshire Hathaway Inc. officially became the biggest shareholder of Bank of America Corp. on Tuesday, notching billions in gains on the bank’s recovery from the financial crisis.

Bank of America BAC, -0.59% said Berkshire BRK.A, +0.02%BRK.B, -0.04% exercised warrants to buy 700 million of its shares at below-market prices, a deal that ties back to a crisis-era investment. The move makes the famous stock picker’s firm the largest shareholder of the second and third largest U.S. banks — the third being Wells Fargo & Co. WFC, -0.41% — while also providing a vote of confidence for Bank of America stock.

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