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 Old 11-18-2009, 03:10 PM   #1
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Default REPORT: Billionaire investor Soros buys $53M in Ford stock, sends it soaring

Filed under: Ford, Earnings/Financials

About a year ago, when Ford's stock dropped to just above $1 per share, we had a total Ralph Kramden-style get rich quick epiphany. Take all our money and buy Ford stock. Why? Having driven Ford's new, excellent products (like, say, the 2010 Ford Fusion), we knew that barring some weird disaster, that its stock could only, would only rise. Talk about easy money - we'd just sit back and get rich(ish). Trouble was A) we didn't have very much money B) we... forgot to buy any Ford stock.

Now, billionaire with a B investor and philanthropist George Soros has lots of money. Tons, quite literally. So much, in fact, that his holding group bought 7.3 million shares of Ford stock yesterday. All in, those shares are valued at about $53 million. Because of Mr. Soros' confidence in Ford, the price of the company's stock shot up briefly over $9.00, before ending the day valued at $8.98 a share. All in all, it's up 3.1% since Soros said "go." Imagine if we would have sunk $1,000 or so into Ford back when the share price was $1.26 last November. Nearly $8,000 smackeroos of cold, hard, profit! Maybe next recession.

[Sources: Reuters; Auto News - sub req | Image: Paul J. Richards/AFP/Getty]REPORT: Billionaire investor Soros buys $53M in Ford stock, sends it soaring originally appeared on Autoblog on Wed, 18 Nov 2009 17:29:00 EST. Please see our terms for use of feeds.



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