Sometimes insiders actually have a pretty good idea of what’s going on. And the message, loud and clear, from GM insiders is that barring a miracle — and we don’t mean something unlikely, but an actual, literal miracle — shares of GM are going to $0.
Several execs said last night that they were dumping their entire holdings at their current, undignified levels and totday the stock is tanking, down over 20% to about $1.10. It’s the lowest the stock’s been in over 70 years.
We’ll monitor today whether optimistic GM shareholders will hold on and keep it above $1.