Paulson & Co., the hedge fund run by billionaire John Paulson, has bought 168 million shares of Bank of America (NYSE:BAC), becoming the bank’s fourth largest shareholder. That’s a $2.7 billion stake, CNBC’s Charlie Gasparino reported late Wednesday, citing public filings.
Gasparino said he didn’t know the reason behind Paulson’s move, or any other details of the purchase (the full SEC filing).
This is Paulson’s second-largest holding, after SPDR Gold Trust (NYSE:GLD). The billionaire manager became the No. 1 holder of the the biggest gold-related ETF in Q1 of this year, buying 31.5 million shares, or 8.6%, according to filings that his firm, Paulson & Co., made with the SEC.
BAC shares rose in AH trading, gaining 48 cents, or 0.50%, to $16.41.