Porsche Has Lost Over $10 Billion On Volkswagen's Stock, But Still Wants More

Porsche Automobil Holding SE has lost over $10 billion on its investment in Volkswagen AG in a little over a week, but that hasn't kept Porsche from buying even more of the troubled German car maker's stock. As of July 31, Porsche Automobil owned about 149.7 million Volkswagen ordinary shares , or a 51% stake, according to FactSet. With those shares tumbling 60.30 euro, or 36%, since the news of the emissions scandal broke, the value of Porsche's Volkswagen stake has declined by 9.03 billion euro, or the equivalent of $10.15 billion at current exchange rates. But that loss didn't stop Porsche from buying more, as the company said over the weekend that it was buying the 1.5% stake in Volkswagen, or 4.4 million ordinary shares, owned by Suzuki Motor Corp. , at an undisclosed price. "Porsche SE considers the purchase of 4.397 million ordinary shares as a strong commitment to its core investment and emphasizes its role as an anchor shareholder in the Wolfsburg-based car maker," Porsche said in a statement on its website. Porsche Automobil manages the assets held by the Porsche and Piech families, which are descendants of Ferdinand Porsche, who invented the Volkswagen Beetle. Porsche Automobil's U.S.-listed shares were down 6.4% in afternoon trade, and have tumbled 40% since news of the Volkswagen emission scandal broke.