As feds are selling GM stock, Buffett is buying.
Billionaire Warren Buffett's investment firm Berkshire Hathaway Inc. boosted its holdings in General Motors by 60 percent to 40 million shares, the firm disclosed in a recent SEC filing. That brings Berkshire Hathaway’s holdings to 2.9 percent of outstanding GM stock, according to a report in the Detroit News and SEC filings.
The firm initially purchased 10 million shares in 2012, when the stock was trading in the low $20-per-share price. It closed last week at $34.55, down $1.02. At current prices, the stake is worth more than $1.38 billion.
Mr. Buffett acquired the new shares in GM in the three months ending June 30. That's the same period during which the U.S. Treasury has been steadily selling off its holdings in GM it received as part of its $49.5 billion bailout.