What Does He Know, That You Don't? - Chairman Buys $500,000 Worth Of GM Stock

General Motors Co. chairman and CEO Dan Akerson purchased 25,000 shares of company stock for $508,750, the company said Thursday.

GM spokesman Jim Cain said the purchase of the shares Wednesday at $20.35 on the open market was a personal investment.

Akerson now owns 272,838 shares of GM stock. Akerson has incurred significant paper losses on GM stock. - or about $1.8 million over the 52-week-high.

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Steve - 8/10/2012 12:52:52 AM

+2 Boost

It's a tax write-off. It's also a PR thing. Take a look at the value of GM stock since it IPO'd in late 2010, and it's pretty well a line down and to the right. My guess is that Dan makes a whole lotta money, and that $500K is chump-change for him, so he can afford to lose a chunk of that to try to look like a good guy who believes in his company.