General Motors (NYSE:GM) may see increased downward pressure today as Tracinda revealed in a
13D/A filing that it sold another 14 million shares in a private transaction at $28.75 per share - a few points below the current market price. This move brings the hedge funds stake down to 4.95% from 7.4% just a few days ago on November 22nd and 9.9% earlier this year. Tracinda began selling its stake in GM after Jerome York - the funds representative on GM's board - resigned after partnership talks between GM and Nissan-Renault broke down in October. GM shares are down almost 1% in mid-day trading today.
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