- General Motors will move its listing from the New York Stock Exchange to the Nasdaq Global Select Market, with trading set to begin Nov. 17 under the same “GM” ticker. CFO Paul Jacobson said GM’s “technology-driven strategy” makes the Nasdaq “a natural home for our listing as we grow.”
- The switch makes GM eligible for the Nasdaq-100, and JPMorgan analysts expect it to join the index when it becomes eligible in December. They said GM would be the second-largest Nasdaq-100 non-member by market value after Hilton, and a GM spokesman said the company hopes Nasdaq index funds will buy the stock.
- GM shares rose 4% in early New York trading. The stock closed Monday at $76.31, giving GM a market value of roughly $64.4 billion, and has more than doubled since 2024 while the company aggressively bought back shares, including a new $20 billion buyback round announced earlier this month.
- The move is another win for Nasdaq after Walmart, DoorDash and Palantir switched from the NYSE, and Hilton announced a move just last week. SpaceX and Anthropic have also chosen the Nasdaq for their listings.
What Happened?
GM said Tuesday it will transfer its common stock listing to the Nasdaq from the NYSE, where it first listed in 1911 and relisted in 2010 after its government-backed bankruptcy. Shareholders do not need to take any action. The announcement came days after GM held a technology event in New York to showcase upcoming EV models, advanced driver-assistance features and battery technology. GM has been working on the new listing for more than a month.
Why It Matters?
The move is a bet that the exchange a company lists on can shape how investors value it. GM has tried, so far unsuccessfully, to convince investors that its self-driving and software investments can drive higher-margin growth, and management believes the shares are undervalued relative to cash flow. Nasdaq-100 inclusion would bring passive buying from index funds, a concrete flow benefit beyond the rebranding.
What’s Next?
Watch the Nov. 17 trading debut and the December Nasdaq-100 eligibility decision, which JPMorgan expects to include GM. Investors will also watch whether the tech positioning holds up as upstart EV makers and Chinese competition pressure Detroit, and whether buybacks keep supporting the shares. For the NYSE, the loss adds to a string of high-profile defections.
