Buffett's company now owns 10% of Wells Fargo's stock

OMAHA, Neb. (AP) - Warren Buffett's company now owns 10 percent of Wells Fargo's stock because Berkshire's Hathaway's stake grew as the bank repurchased its own stock.

Berkshire Hathaway said in documents filed with the Securities and Exchange Commission that it now owns 504.3 million shares of Wells Fargo stock.

In addition to the shares Berkshire owns, Buffett holds another 2 million shares personally. He is chairman and CEO of the Omaha, Nebraska, based conglomerate.

Wells Fargo is one of Berkshire's biggest stock investments, and Buffett has praised the bank in the past.

Besides investments, Berkshire owns about 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, retail and manufacturing.

Published: Thu, Mar 31, 2016