GM to Move Stock Listing From NYSE to Nasdaq on Nov. 17, Shares Rise About 4%

General Motors will leave the New York Stock Exchange after more than a century and list on the Nasdaq Global Select Market. The company announced the switch in a statement at 6:30 a.m. ET today, Oct. 27.

GM stock will keep trading on the NYSE through the close on Nov. 16. It begins trading on the Nasdaq on Nov. 17 under the same "GM" ticker. Existing shareholders do not have to do anything.

The stated reason

Chief Financial Officer Paul Jacobson framed it as a branding and strategy decision. "GM's customer-focused, technology-driven strategy is creating value for our stockholders, making Nasdaq a natural home for our listing as we grow," he said. He added that GM is "grateful for our long-standing partnership with the New York Stock Exchange and its remarkable legacy."

GM's board authorized the move on Monday, according to the company's SEC filing. The board also changed the bylaws' definition of "Independent Director" to match Nasdaq's criteria. Those changes take effect when Nasdaq trading starts.

A company spokesman said GM has worked on the listing for more than a month. The goal, he said, is to attract Nasdaq index funds and open the shares to more investors.

The index angle

A Nasdaq listing makes GM eligible for the Nasdaq-100 Index. Eligibility is not membership. GM has not said it expects to be added, and no date has been announced.

If GM were added, funds that track the index would have to buy the stock. That is the practical prize behind the move.

The market reaction

GM shares rose about 4% in early trading today. They finished Monday at $76.31, a market value of about $64.4 billion.

The broader market was calm. The S&P 500 was up 0.3% at 9:35 a.m. ET.

Context: buybacks, a tech pitch, and a skeptical market

The announcement follows a New York event last week where GM showed upcoming EV models with advanced driver-assistance features and new battery technology. Executives also laid out plans for AI-assisted development and autonomous vehicles.

Sterling Anderson, the Tesla veteran CEO Mary Barra hired last year to lead GM's technology push, said last week that GM's autonomous vehicles would let it surpass global rivals, including Chinese ones. Anderson is working to halve GM's current four-to-five-year product development cycle.

GM also pointed to software revenue last week. It said OnStar subscription revenue topped $800 million in the third quarter, up 15% from a year earlier, and that Super Cruise revenue rose 60%.

Bloomberg reported that GM has been trying to get investors to see it differently, "so far unsuccessfully," by arguing that self-driving systems and software services can bring faster revenue growth at higher margins. GM management has believed for some time that the shares are undervalued based on cash flow, Bloomberg reported.

GM's own actions point the same way. Earlier this month it announced a new $20 billion buyback, on top of tens of billions spent on repurchases since 2023. That is roughly 31% of Monday's $64.4 billion market value. Shares fell on the day of that announcement as Barra warned of "intensifying challenges" ahead.

A crowded exit

GM is the latest big name to leave the NYSE. Hilton Worldwide Holdings announced a week ago that it would move to the Nasdaq. Walmart moved last year, and DoorDash in 2023. Palantir has also switched.

GM began trading on the NYSE in 1911. It returned in 2010 after a government-backed bankruptcy.

The pitch to investors is that a Nasdaq address signals a tech company. Whether that pitch holds will be settled by the numbers: software revenue, autonomy progress, and how Detroit fares against cheaper, software-heavy vehicles from Chinese automakers.

The next fixed date is Nov. 17, the first day of Nasdaq trading. Whether Nasdaq-100 inclusion follows has not been decided.