DETROIT (AP) -- General Motors CEO Dan Akerson has invested more of his own money in the company.
The company says in a regulatory filing that Akerson bought 30,000 GM shares for $31.33 each. That means he spent $940,000.
The purchase increases his personal holdings of GM stock to 50,000 shares.
The stock debuted in November. But it has slumped since hitting a high of $38.98 on Jan. 7. GM has closed below its $33 initial public offering price since May 4. Investors have pushed down the price because they're worried about the government selling its 500 million shares of GM. They're also concerned about the effect of high gas prices and rising costs on profits.
GM's stock price rose 12 cents to $31.42 Thursday, meaning Akerson's holdings are currently worth $1.6 million.