Crain News Service staff and wire reports
DETROIT (Feb. 18, 2015) — Warren Buffett and George Soros, the billionaires making headlines with moves to invest in auto retailing, have boosted their stakes in General Motors Co., the Wall Street Journal reported.
According to a federal filing on Feb. 17, Mr. Buffett's Berkshire Hathaway, which will buy the Van Tuyl Group, increased its GM stake by 1 million shares to 41 million during the fourth quarter, the Journal reported. Soros Fund Management, which is said to be preparing to invest up to $1 billion to acquire auto dealerships, raised its stake by 728,938 shares during the fourth quarter to 4.9 million.
News of the GM investments comes as the auto maker faces growing pressure to boost shareholder value and return more of its cash hoard to investors.