By the Kent Redding Group
AUSTIN, TX. – This week Berkshire Hathaway (BRK.A) was listed #2 on Fortune Magazine’s list of largest U.S. Corporations.
The #2 ranking is Berkshire Hathaway’s highest ranking ever and can be attributed to the company’s recent decision to purchase 700 million shares of Bank of America Stock.
This transaction will make Berkshire Hathaway the biggest shareholder in Bank of America and it’s actually been a deal that’s been in the making since 2011 when the company purchased $5 billion dollars’ worth of Bank of America’s preferred stock with warrants to purchase the 700 million shares of the company’s common stock.
About Berkshire Hathaway
Originally founded in the 1800’s as the Valley Falls Company, Berkshire Hathaway has been one of America’s most well-known corporations and as of 2017, they have many diversified investments ranging from Real Estate to casualty insurance.
Although most analysts are talking about Berkshire Hathaway’s stake in Bank of America, and how It’s going to affect the Real Estate market, the reality is that the move isn’t expected to change the core values of the company that Warren Buffett has owned outright since 1967.
The company is known to follow a strict code of business conduct and ethics which applies to all employees and this makes Berkshire Hathaway one of the most respected corporations in the United States.
What many people don’t know about the company is that Berkshire Hathaway has made major philanthropic contributions over the years through their charitable foundation and the company has also donated billions of dollars in stock to charity in recent years as well.
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