Lords Of Finance: 1929, The Great Depression, And The Bankers Who Broke The World - Plot & Excerpts
Instead of giving up, the indefatigable Durant went on to form a new car company with Louis Chevrolet, a racing driver, and was so successful that in 1915, he was able to reacquire his old company, General Motors, which had gone public, in a takeover raid. But in 1920, the postwar recession once again found him overextended and he lost control of the company for a second time, on this go-around to the Du Pont family. When the Du Ponts acquired their stake in General Motors, the company was producing 250,000 cars a year, had just earned some $30 million in profit, and was valued at a little over $200 million. Under its new professional management, General Motors went on to become the most successful company in the country and the darling of Wall Street. By 1925, it was making over 800,000 cars a year, about 25 percent of all those sold in the country and generating over $110 million in profit. Its stock price in those five years quadrupled in value, from around $25 to over $100 a share.
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