News that billionaire Kirk Kerkorian unloaded a significant portion of his stake in General Motors caused the automaker's shares to plunge last week.
Kerkorian cut his share of the company to 7.8 percent, from 9.9 percent.
The maverick financier said in a filing with the U.S. Securities and Exchange Commission that he sold 12 million shares of stock for $252 million -- roughly $21 a share -- to take advantage of tax savings stemming from his investment losses, Reuters reported.
Late last week GM fell to about $18.50 -- the lowest level since the fall of 1982. Historical prices reflect an adjustment for the spinoff of Delphi Corp. in 1999.
Kerkorian purchased the bulk of his GM shares when they were selling at $31 a share.