Berkshire Hathaway Now Owns 10% of Wells Fargo by
A recent Form 3 filing with the SEC reveals that Berkshire Hathaway’s total stake in Wells Fargo & Co. has risen to 504.3 million shares, representing a 10% stake in the common stock of Wells Fargo.
As noted in a previous article, due to regulations (here is a slightly more readable breakdownof the regulatory language), Berkshire cannot buy more than 10% of the bank – it’s ownership in Wells Fargo, or any other bank, can only grow by share count reductions once a 10% ownership stake limit is hit.
This same restriction applies to Berkshire Hathaway’s stake in American Express, as the credit card company converted into a bank holding company during the 2008-2009 financial crisis.
