Bill Ackman’s Pershing Square was one of the star funds of 2014, and became synonymous with activist investing. It seems that David Tepper’s Appaloosa is taking a page out of Ackman’s activist playbook, and is being a bit more pushy than usual by backing a potential board member that will try to compel General Motors to buy back shares, according to Forbes.
Harry J. Wilson, who aided the Obama administration in restructuring General Motors after it faced near ruin during the financial crisis, apparently hasn’t left the driver’s seat, as Wilson, who represents Tepper, wants to be elected to GM’s board, and says he will push GM’s management to repurchase $8 billion of its shares. Currently, Appaloosa owns 2.1% of GM’s shares. According to Forbes, David Tepper tends to work behind the scene to push for changes in companies, but it is rare for him to agitate for reforms in a company’s board.
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On the subject of a deal on Greek debt, Tepper told CNBC it would be good for markets, but stocks could do just fine even if there is a Hellenic impasse. Even if Greece causes stocks to fall between 2% and 4%, said Tepper, it would be “no big deal, ” according to CNBC.
