If your savings are tied up in a company’s stock, you’d hope its CEO feels bullish about the future. That’s not the case with General Motors. CEO Mary Barra just filed her required SEC disclosure—and it turns out she dumped $20 million worth of GM stock at the end of August. That’s nearly 40% of her total holdings.

GM stock was on a run—until it wasn’t

GM spent the past two years slashing costs and buying back billions in stock. It repurchased $11 billion worth in 2023, and another $7 billion in 2024. That helped drive a 50% gain in its share value by the end of last year.

Then came the drop. In early 2025, GM paused its buyback program. Its stock immediately tumbled 9% in a single day. The pain didn’t stop there. Its Q2 earnings report revealed $1.1 billion in new tariff costs and raised concerns about demand. That sent shares down another 7%.

GM stock still climbed to a 52-week high by the end of September. Maybe because in recent years GM shut down or cut ties with struggling ventures like its self-driving Cruise division and EV startup Lordstown Motors. It doubled down on this position when the Trump Administration took office by canceling electric and hybrid projects. The message: we’re focusing on our core business of selling regular internal combustion cars.

What Barra’s stock sale tells us

Barra didn’t step down or issue a warning. She’s still leading the company. But selling $20 million in stock suggests she doesn’t think the upward trend will last. And that’s a great way to spook investors. A CEO’s move is always read as a signal—especially when they know more about the company’s future than anyone else.

GM is still part of the Standard & Poor’s 500 index. That means analysts expect the company to perform well. But also means that while Barra hedges her bets, millions of Americans with 401(k)s may hold GM stock without even realizing it. Their portfolios could sink while Barra makes millions.