Warren Buffett Hikes His GM Stake

Billionaire investor Warren Buffet's Berkshire Hathaway Inc. has purchased an additional 10 million shares of General Motors Co., thus boosting its holding to 25 million shares, or about a 1.8% stake.

At Friday's closing price of $27.76, Berkshire's stock is worth $694 million.

The Omaha, Neb.-based company bought its first 10 million GM shares about a year ago and added 5 million shares in the third quarter of 2012. Buffett is known as a patient investor likes companies he believes have long-term value.