GM shareholder Bob Olstein, chairman of Olstein Capital Management, understands Einhorn's frustrations but thinks the stock can go higher without any financial engineering.
"The stock is going to go north because of the free cash flow yield. We have a lot of confidence in [CEO] Mary Barra," he told "Closing Bell" on Tuesday.
In fact, he wouldn't be surprised if GM went private or someone buys the company. The automaker has already taken 7 percent of the company private in the last two years, Olstein said, and he thinks it may take another 7 percent private. His All Cap Value Fund owns 300,000 shares of GM.
"Maybe Mr. Einhorn should take it private and collect his free cash flow of 11-12 percent a year. That's a pretty good return," he said.
Brian Johnson, a senior autos analyst at Barclays, said on "Power Lunch" on Tuesday that Einhorn's proposed stock rearrangement only brought attention to the fact that GM and Ford are priced too low.
"I think it really highlights… [that] GM and Ford as well are undervalued on their dividend payment potential," Johnson told CNBC.
— CNBC's Mack Hogan and Reuters contributed to this report.