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Greenlight Capital's Einhorn: Two GM stock classes would better serve investors

Two General Motors stock classes would better serve investors, Greenlight Capital's David Einhorn told CNBC on Tuesday.

Einhorn, making comments after the hedge fund urged GM to split its common stock into two classes, said the automaker's stock is confronting a very unusual dynamic.

"It trades below its multiple in the S&P 500. The PE is less than 6. The payout, the dividend yield, which is more than 4 percent ... puts it among the highest. And further, they're only paying out about a quarter of their earnings," Einhorn said on "Halftime Report."

Greenlight Capital, which owns 0.88 percent of GM shares, a stake worth $457 million, said GM's switching to two stock classes would help the U.S. automaker improve its financial flexibility and boost the stock's value.

"I would compare it to an ice cream stand that just serves chocolate and vanilla swirl ice...