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Warren Buffett Set To Make Nearly $12 Billion On A Single Trade

Business Insider has reported that on his 87th birthday, Warren Buffett is set to rake in $11.6 billion in profits on his Bank of America trade. Buffett invested $5 billion in Bank of America in 2011 as the company was trying to leave behind the financial crisis under the leadership of its new CEO, Brian Moynihan.Buffett negotiated a favorable deal with the bank, which was seen as a public vote of confidence in the company's future. His $5 billion investment in preferred shares came with the option to convert those to common stock shares by 2021.

Source: Inform

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