Buffett GE Bet Pays Off Topping Warrant Strike Price
Bloomberg reported that General Electric’s gain of more than 20% this year is validating Warren Buffett’s $3 billion wager that the industrial giant would rebound after the financial crisis.
Bloomberg said GE climbed as high as $22.37, exceeding the $22.25 strike price of five-year warrants for the first time since Buffett’s Berkshire Hathaway agreed to buy them in October 2008. GE’s stock has more than tripled since falling to $6.66, the lowest closing price in more than 16 years, in March 2009.
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