GM stockholders, especially the large stockholder in Washington, DC, have reason to rejoice: Today, GM shares “topped their 2010 initial public offering price, which will help the automaker’s largest shareholder, the U.S. Treasury, pare its losses,” Reuters says.
The price in the November 2010 IPO was $33.00. Today, the stock rose as high as $33.58 in morning trading.
According to Reuters, “the run-up in the stock price could help Treasury, which provided GM with a $49.5 billion bailout, trim losses that will likely still total billions of dollars. Treasury said earlier this month that it would begin another round of sales of its 241.7 million GM shares.”
Executives at GM told Reuters “that putting this issue behind them will improve the company’s image and boost sales, as they believe some consumers have held the bailout against the company.” For a current GM quote, click here.