Dan Ackerson hasn’t even been CEO of General Motors for a year yet, but he’s proving that he confident in his company. According to a Securities and Exchange Commission filing, he recently invested $939,000 of his own money into GM stock.
Ackerson purchased 30,000 shares of common stock priced at $31.33 per share, making it the biggest investment he has made since joining the company. He now owns a total of 50,000 shares. Ackerson was appointed to his post last September. The following month, GM made its initial public offering with shares priced at $33 each.
News of his purchase comes just as the U.S. Treasury Department announced that it will wait to sell more of its shares of GM until at least August. The department currently owns 33 percent of the automaker. According to a report by Bloomberg, the Treasury doesn’t expect to make back all of the $49.5 billion it invested to bailout GM, but decided it would be best to wait for shares to go up a bit. GM shares would have to be valued at $44 for the department to break even.