General Motors stock price hit an all-time high on Friday, topping $40 a share for the first time since the Detroit-based manufacturer went public in 2010.
GM shares rose 2.8 percent to $40.17 as the US Treasury is about to sell its remaining General Motors stock by the end of the year. The government held a 61 percent stake as part of the $49.5 billion federal bailout, recovering about $38.4 million as of last month.
The Treasury still has about 31.1 million shares to get rid of and experts estimate there will be a loss of about $10 billion once the last shares are sold. Meanwhile, analysts claim GM stock will continue to rise to $47 per share.
Last month, GM said they’re “making great progress in our efforts to make the most of this second chance by building outstanding cars and trucks, creating jobs and reinvesting in our country.”
Story via DetroitNews
The Treasury still has about 31.1 million shares to get rid of and experts estimate there will be a loss of about $10 billion once the last shares are sold. Meanwhile, analysts claim GM stock will continue to rise to $47 per share.
Last month, GM said they’re “making great progress in our efforts to make the most of this second chance by building outstanding cars and trucks, creating jobs and reinvesting in our country.”
Story via DetroitNews