GM Plans to Move Stock Listing to Nasdaq

General Motors says that it's planning to move its stock listing from the New York Stock Exchange to Nasdaq, as the automaker looks to boost its image as a technology provider.

According to The New York Times, GM CFO Paul Jacobson described Nasdaq as a "natural home" for the company, particularly as the business focuses on a more technology-driven strategy moving forward. This comes as GM has sought to equip more of its vehicles with advanced autonomous systems that allow drivers to take their hands off the wheel in certain conditions.

Home to companies such as Apple, Microsoft and Nvidia, Nasdaq could help GM present itself as a tech company as well as a carmaker. That could help GM attract investors who see its software and self-driving technology as promising sources of future growth. The automaker would also be eligible for the Nasdaq-100 index, which tracks 100 of the largest nonfinancial companies listed on the exchange. If GM is added, investment funds that track the index would buy its shares and help push up its stock price.

Other companies have similarly moved from the NYSE to Nasdaq in recent years, including Walmart, Etsy and Palantir. GM would be the first legacy automaker to make the move, which is currently scheduled for November 17.

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