CEO

GM CEO buys more company shares

AP News
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Posted: Aug 10, 2011 5:35 PM
GM CEO buys more company shares

General Motors CEO Dan Akerson has boosted his stake in the company.

Akerson bought 10,000 GM shares on Tuesday at an average price of $25.05 a share, according to a regulatory filing. That cost him $250,500.

He now owns 103,600 shares of GM, including stock he bought in May.

GM's stock price fell $1.62, or 6.3 percent, to close at $23.92 on Wednesday. Akerson's holdings are now worth $2.5 million.

General Motors Co. stock debuted at $33 a share in November and rose as high as $38.98 on Jan. 7. It has traded below its initial public offering price since May 4. The share price has dropped as investors worry about the economy, rising costs and when the government will sell its 500 million shares in the company.