Wall Street Moguls Buy Millions Of Shares Of GM Stock
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A trio of Wall Street’s biggest movers and shakers have gone and purchased a combined $384 million worth of General Motors stock, just days before the company will disclose its annual financial report, which is expected to be the company’s first full year of profit since 2004. Billionaires George Soros, David Tepper, and Bill Ackman have all decided to move in on their major investments supposedly based on market research. Ackman was by far the largest investor of the three, throwing in $265 million (7.2 million shares) while Soros and Tepper threw in $53 million (1.3 million shares) and $66 million (7 million shares), respectively. Also of note is Fidelity Investment’s purchase of $696 million in The General’s stock.
GM is expected to report $5.3 billion in annual profits on Thursday.
Sources: The Detroit News, The Detroit Free Press
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That seems odd. How does $53 million only buy 1.3 million, when $66 million buys 7 million.
simple math $ 53 mil at hi price while $ 66 mil at low price