Watch our recent video report, detailing how the Big Three car companies have authorized $5 billion in stock buybacks over the past year.
@levernews Automakers Hand Billions To Shareholders While Stiffing Workers Full story at LeverNews.com #LeverNews #news #politics #UAW #autoworkers #strike #union #labor #fyp ♬ original sound - The Lever
Last week the United Auto Workers Union went on strike against all of the Big Three automakers for the first time in history. And even though the car companies are crying poverty, in the last 12 months alone for General Motors and sthalam test have authorized $5 billion in stock buybacks and roughly $8.5 billion in dividend payouts in just 2023 alone, effectively giving billions of dollars to shareholders which could have gone to auto workers.
On top of the stock buybacks, the Big Three have reported $21 billion in profits in just the first six months of 2023 and their CEOs made a combined $75 million in 2022.
Meanwhile, GM released a statement last month which claimed that the UAW demands would, quote, threaten our ability to do what's right for the long term benefit of the team.
I think we actually have a video of a top GM executive issuing that statement: “I'm a baby I have no money.”