Chief Executive Officer Dan Akerson and other top GM members visited Wall Street this morning to witness the event in person. Shares quickly hit $35, which is higher than the initial $33 that the shares were priced at Wednesday evening. By late morning the shares were trading at $35.58.
The Federal Treasury is selling of more than 400 million shares of GM, which will reduce its stake in GM from 61 percent to 33 percent. In order for the government to break even the remaining shares will have to be sold for an average of $50 a share.
Full Story: New York Times