GM Stock is Back!
This is big step for GM and we’re excited that this past Thursday, November 18th, GM stock is trading once again!
The newly minted stock remained strong, with shares reaching as high as $35.99, or up 9%, before slipping back in early-afternoon trading. Still it ended the day at $34.19, up nearly 4% from the open price.
The U.S. Treasury Department, which took a 60.8% stake in GM in return for the $50 billion bailout that saw it through bankruptcy, sold 75% of the common shares put up for sale Thursday. That will return at least $11.8 billion to taxpayers. [Source: CNNMoney]
This is great news for GM but also the country as it shows a very positive turnaround.