Despite numerous delays and mounting competition from Ford, Stellantis, and the Chinese, the GM board decided to take $6 billion and pump its share price instead of investing in the company’s future.
A few short weeks after labor negotiations led to a six-week UAW strike at GM plants, GM board members approved a $10 billion accelerated stock buyback plan. This week, the board kicked off that initiative with a $6 billion purchase and raising its shareholders’ stock dividend by 33 percent (to 12 cents per share) in the first quarter … a move that, to this writer, seems like a blatantly cynical cash-grab and shockingly shortsighted dereliction of the board’s fiduciary duty to the well-being of the company.

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GM Took $6 Billion They Could Have Spent On EV Development And Gave It To Rich Stockholders

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