While Harry J. Wilson wants General Motors to buy-back $8 billion in shares, Warren Buffett and George Soros have boosted their stakes in the company.
The Wall Street Journal reports Buffett’s Berkshire Hathaway increased its stake in GM 1 million shares to a total of 41 million during Q4 2014. Meanwhile, Soros Fund Management added 728,938 shares in the same period, boosting overall holdings to 4.9 million.
Both purchases were made prior to Wilson’s announcement that he would not only call for the buyback — citing concerns about how the automaker isn’t spending its $25-billion “fortress balance sheet” — but to also push for a seat on its board to help further the cause. Wilson was hired by President Barack Obama to help GM in its bankruptcy proceedings in 2009.
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