On the lowest day for the Dow Jones Industrial Average since 1997, the combined value of all outstanding shares of General Motors Corp. dropped below the $1 billion mark to $929 million, with each share worth just $1.52, a one-day drop of 48 cents.
With the shares so low, the company is now at the very real possibility of being removed from the S&P 500 index, of which it now accounts for less than 0.15 percent. The last time GM was worth so little per share was in 1938.
Earlier in the week, GM announced that it would need $19 billion of government bailout dollars to stay alive. By this drop in share price, investors seem skeptical of GM's chances.