Buffett's Wells Fargo Stake Hits Level Requiring Fed Review
- Billionaire oversees more than 500 million shares in bank
- Wells Fargo buybacks increased Buffett's ownership stake
A Wells Fargo & Co. bank branch in New York.
Photographer: Scott Eells/BloombergThis article is for subscribers only.
Warren Buffett’s holding in Wells Fargo & Co. reached 10 percent, a level that triggers a Federal Reserve review and could prevent him from buying more shares until he receives regulatory approval.
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 506 million shares, the same as on Dec. 31 when it accounted for 9.9 percent.