General Motors long awaited IPO began trading on Thursday, and was up approximately $2 as of 12 noon, Thursday. Listed at $33 a share, the stock price quickly climbed to $35 a share, as GM’s CEO Dan Akerson rang the opening bell at the New York Stock Exchange.
IPO’s are often volatile, with new startup Tesla Motors stock price dipping to around $15 over the summer, and now trading at over $30. The original GM stock was once one of the world’s most popular stocks before GM was forced into bankruptcy in 2009. With the IPO, the United States Treasury was able to unload 75% of their shares and recoup $12 billion of taxpayer money. GM stock would need to rise to $41 a share for the government to break even on its bailout.
[Source: Left Lane News]