Thursday, November 18, 2010
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NEW YORK -- General Motors stock is rising sharply as the icon of American manufacturing returns to life as a publicly traded company.
The stock jumped from the initial public offering price of $33 to $35.80 shortly after GM Chief Executive Dan Akerson rang the opening bell Thursday on the New York Stock Exchange.
The trading caps a remarkable turnaround for the company, which left bankruptcy 16 months ago with the help of a $50 billion government bailout.
The U.S. government and GM's other owners sold 478 million common shares to investors for $15.8 billion. The share price needs to rise above $50 for the government to get all its bailout money back.