GM takes step toward selling stock to public

DETROIT (AP) - August 18, 2010

GM filed the paperwork for its initial public offering with the Securities and Exchange Commission on Wednesday.

The company says the U.S. government and other stakeholders will sell common shares worth $100 million. GM will sell preferred shares worth $100 million. Those numbers are rough estimates and the amount raised in the actual stock sale is expected to be much higher.

GM got a $50 billion government bailout last year to stay in business. In exchange, U.S. taxpayers now own 61 percent of the company. CEO Ed Whitacre says government ownership has hurt GM's sales and public image.

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