GM Poised for Record IPO

Automaker announces $33 share price on eve of public offering, expected to reduce government ownership to 26 percent. News comes after a report that the auto bailout saved 1.14 million jobs.

Obama: "General Motors’ initial public offering (IPO) marks a major milestone in the turnaround of not just an iconic company but the entire American auto industry."

Statement by President Obama on General Motors

General Motors’ initial public offering (IPO) marks a major milestone in the turnaround of not just an iconic company but the entire American auto industry. Through the IPO, the government will cut its stake in GM by nearly half, continuing our disciplined commitment to exit this investment while protecting the American taxpayer. Supporting the American auto industry required tough decisions and shared sacrifices, but it helped save jobs, rescue an industry at the heart of America's manufacturing sector, and make it more competitive for the future.