Reports that billionaire investor George Soros’ hedge fund purchased a 7.3 million-share stake in Ford Motor Co. led to its stock reaching a new two-year high. For a brief period, Ford shares hit the $9 mark for the first time since October 2007. Ford shares closed the day at $8.98, up 27 cents or 3.1 percent on heavy volume.
In its latest regulatory filing, Soros Fund Management got the 7.3 million stake in Ford during the third quarter. The stake, estimated to be 0.2 percent of Ford’s outstanding shares, is valued at $53 million. Soros, at 79 years old, has made his mark as a global financier and philanthropist.
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