Warren Buffett's Berkshire Hathaway scores $1.5 billion gain on GM stock in under 4 months
- Warren Buffett's
Berkshire Hathawayhas likely scored a 65% gain on its General Motorsbet in under four months.
- The billionaire investor's conglomerate backed the automaker in 2012 and grew its stake to 80 million shares worth $2.4 billion at the end of September.
GMstock has soared by about two-thirds to a record high since then, increasing the value of Berkshire's stake to about $3.9 billion.
- The auto giant's shares have rallied strongly due to excitement about its advances in electric vehicles as well as futuristic technologies such as self-driving and flying cars.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
The famed investor's company took a stake in the automaker in 2012, snapping up 10 million shares worth about $260 million at the time. It steadily grew the position to 80 million shares worth $2.4 billion as of September 30 last year.Read more: A leading Wall Street firm asked 7 famous investors about their favorite stocks and the global trades they're using to stay ahead of the competition. Here's what they're betting on now.
The automaker's transformation efforts are driving its stock rally. Its shares have surged 8% in the past two days, fueled by CEO
- IMF projects 11.5% growth rate for India in 2021, only major economy to record double digit growth
- Connaught Place to remain shut as farmers' tractor parade turns violent
- After violent clashes with police, farmers swarm Red Fort
- DMRC closed entry and exit gates of yellow, green, violet and blue lines in surge of farmers protest
- Delhi Police fires tear-gas shells on farmers near Akshardham temple and Sanjay Gandhi Transport Nagar