Russian Billionaire Buys Off 5 Percent Of GM

Quoting an article from Russian newspaper Vedomosti, Reuters is reporting that the owner of local car maker GAZ, Russian tycoon Oleg Deripaska, has bought a 5-percent stake in General Motors. GM’s stock closing price at Monday was $32.45 per share meaning that if Deripaska actually bought 5% of the American car maker on Monday he’d have to withdraw a whopping $900 million out of his bank account. Not much if you consider that according to Forbes magazine, Deripaska is Russia's second richest man with a fortune estimated at $16.8 billion.

Via: Autoblog.com , Source: Reuters