We all know that the economy is very unsettled now and has been affecting nearly everyone around us. General Motors however, unfortunately experienced another new low after the stock market experienced a sharp decline.
Stocks for the Detroit corporate behemoth dropped more than 4% during heavy trading with only a slight recovery afterwards today. GM shares closed at $21.71 a share, down 2% or $0.45 cents a share. Overall since July 22nd, GM’s stocks are down 28%.
If stocks continue with this trend, things could once again look bleak for the American manufacturer. For instance, in order for General Motors to rid of their government owners, stocks need to average $53 a share in order to break even on the remaining 500 million shares that the US government owns.
– By: Chris Chin