Warren Buffett has asked the Fed if he can own more than 10% of Wells Fargo

Warren BuffettBill Pugliano/Getty ImagesBillionaire investor Warren Buffett speaks at an event called, ‘Detroit Homecoming’ September 18, 2014 in Detroit, Michigan.

Warren Buffett and Berkshire Hathaway are growing their stake in Wells Fargo.

The famed investor applied to the Federal Reserve on Friday to increase his firm’s stake in the bank above 10%, according to a report from Bloomberg’s Noah Buhayar and Katherine Chiglinsky. Hitting the 10% level automatically requires a disclosure from the investor in order to hold such a large stake.

In the application, Berkshire said that it does not plan to acquire new shares in order to do so, said Bloomberg, meaning the application was probably necessary due to the decreasing share count following Wells Fargo’s buyback program.

Additionally, the filing said that Buffett and Berkshire have no plans to alter the business strategy of Wells.

Wells Fargo is among Buffett’s largest investments, called the “Big Four” stocks, along with IBM, Coca Cola, and American Express. According to Bloomberg, his investment in Wells is worth $23 billion as of the stock’s closing price on Friday.

NOW WATCH: An exercise scientist reveals exactly how long you need to work out to get in great shape

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.