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Old 03-29-2019, 03:31 PM
 
Location: Metro Detroit Michigan
5,734 posts, read 2,101,767 times
Reputation: 4919

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GM made a billion dollars from their stake in lyft today on their shares of lyft stock. This article was from yesterday but today it happened.


https://www.freep.com/story/money/ca...po/3235364002/
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Old 03-29-2019, 03:43 PM
 
Location: Fuquay Varina
5,358 posts, read 7,412,627 times
Reputation: 14429
Thats sort of an FU to the tax payer imo.
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Old 03-29-2019, 03:46 PM
 
Location: Metro Detroit Michigan
5,734 posts, read 2,101,767 times
Reputation: 4919
Quote:
Originally Posted by SVTLightning View Post
Thats sort of an FU to the tax payer imo.
Why banks make profits also and there were over 400 banks that never paid a cent back to the federal government when they got bailed out either, we don’t hear anyone complaining about that do we, it’s always GM that people remember.
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Old 03-30-2019, 07:43 AM
 
Location: Keosauqua, Iowa
9,261 posts, read 17,908,696 times
Reputation: 12592
GM hasn't "made" anything. They own 1.6 million shares of Lyft stock that are now worth $1.3 billion based on Thursday's initial valuation of the IPO. The initial investment was $500 million, so IF they sold the stock today they would make roughly $800 million, less broker's fees.

But they can't sell it today. They have to hold the stock six months after the IPO. New stocks often go crazy the first week; it's already jumped to $87 and back down to $77 since trading opened. It could be $50 by next week. Lyft lost $900 million last year, if they project to do that again it could be a penny stock by the time GM can move it.

So thanks for posting a story about nothing of any consequence whatsoever.

Last edited by duster1979; 03-30-2019 at 07:55 AM..
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Old 03-30-2019, 08:02 AM
 
Location: Floribama
16,643 posts, read 34,293,649 times
Reputation: 15932
I didn’t even know there was still a ‘Lyft’.
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Old 03-30-2019, 08:22 AM
 
Location: Metro Detroit Michigan
5,734 posts, read 2,101,767 times
Reputation: 4919
Quote:
Originally Posted by duster1979 View Post
GM hasn't "made" anything. They own 1.6 million shares of Lyft stock that are now worth $1.3 billion based on Thursday's initial valuation of the IPO. The initial investment was $500 million, so IF they sold the stock today they would make roughly $800 million, less broker's fees.

But they can't sell it today. They have to hold the stock six months after the IPO. New stocks often go crazy the first week; it's already jumped to $87 and back down to $77 since trading opened. It could be $50 by next week. Lyft lost $900 million last year, if they project to do that again it could be a penny stock by the time GM can move it.

So thanks for posting a story about nothing of any consequence whatsoever.
But if it were Tesla everyone would be congratulating them but since it’s GM then let’s boohoo them.
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Old 03-30-2019, 09:01 AM
 
99 posts, read 28,358 times
Reputation: 100
GM has a right to make money.
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Old 03-30-2019, 09:46 AM
 
Location: Podunk, IA
5,791 posts, read 2,790,093 times
Reputation: 6380
Quote:
Originally Posted by SVTLightning View Post
Thats sort of an FU to the tax payer imo.
GM fulfilled their obligation to the taxpayer.
It's not their fault that their former owner is a stupid investor that sold low.
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Old 03-30-2019, 09:53 AM
Status: "Trump - excepting Jorgensen, the least of multiple evils" (set 16 days ago)
 
Location: Nescopeck, Penna. (birthplace)
13,814 posts, read 8,483,276 times
Reputation: 17885
Quote:
Originally Posted by duster1979 View Post
GM hasn't "made" anything. They own 1.6 million shares of Lyft stock that are now worth $1.3 billion based on Thursday's initial valuation of the IPO. The initial investment was $500 million, so IF they sold the stock today they would make roughly $800 million, less broker's fees.

But they can't sell it today. They have to hold the stock six months after the IPO. New stocks often go crazy the first week; it's already jumped to $87 and back down to $77 since trading opened. It could be $50 by next week. Lyft lost $900 million last year, if they project to do that again it could be a penny stock by the time GM can move it.

So thanks for posting a story about nothing of any consequence whatsoever.
Quote:
Originally Posted by SVTLightning View Post
Thats sort of an FU to the tax payer imo.
Indeed! -- the figures are meaningless, but not to the economic preschoolers who think that wealth is just cash sitting in a vault ready to be confiscated, nor to the masters of deceit ready and willing to pander to them.
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Old 03-30-2019, 10:04 AM
 
Location: Riverside Ca
21,700 posts, read 24,198,932 times
Reputation: 34062
Quote:
Originally Posted by easy62 View Post
But if it were Tesla everyone would be congratulating them but since it’s GM then let’s boohoo them.
No not everyone is booing them. If they invested their money they have as much right to prosper as anyone who invests their money. I may not care for their product offerings, but I have nothing against them making money. Hell I bought GM stock when they were n the dumpster and made money off their eventual prosperity.
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