In what is almost certainly its final day on the New York Stock Exchange, General Motors (GM) plummeted below $1 per share on Friday, ending at its lowest value in 76 years.

The American industrial icon, which is set to become the largest industrial failure in U.S. history on Monday, saw its shares tumble 33% to 75 cents. That's the lowest closing price since April 5, 1933, when it closed at 74 cents, according to the Center for Research in Security Prices at the University of Chicago's Booth School of Business.

FOX Business has confirmed that GM plans to file for Chapter 11 bankruptcy protection after President Barack Obama makes comments on the auto maker’s restructuring. After the market closed Friday, GM said CEO Fritz Henderson will hold a media briefing at around midday in New York.

GM, which had traded as high as $96 in April 2000, has lost more than 65% of its value in 2009 alone. Its market cap has plunged from nearly $60 billion in 2000 to less than $700 million now.

With more than $82 billion of assets at the end of March, GM is set to become the third-largest bankruptcy in U.S. history. But it will be well below the $691 billion of assets claimed by investment bank Lehman Brothers, which filed for bankruptcy last September, helping to set off the credit crisis that contributed to GM's demise. 

The plunge below $1 per share comes a day after GM's shares mystified analysts by soaring as much as 20% before closing slightly lower. 

GM has signaled its restructuring plan includes no stake for current shareholders, making its stock effectively worthless.

“This is a crap company. It’s run poorly. They don’t know how to make money. They’re not competitive,” Dan Greenhaus, equity analyst at Miller Tabak, recently told FOX Business. “It’s obvious to anybody they cannot function with their current cost structure.”

Some were surprised GM's stock has yet to fall to zero as the market has viewed a bankruptcy filing as all but inevitable. Yet the stock has become a trader's haven as it has been subject to heavy volatility in recent weeks. At the same time, it remains a member of the Standard & Poor's 500, meaning the stock must still be owned by funds that track the index.

GM's plunge had virtually no impact on the Dow Jones Industrial Average, which is a price-weighted index. GM is expected to be kicked out of the index next week, with speculation running rampant as to its replacement. Tech stocks such as Cisco (CSCO) and Apple (AAPL) have been rumored as possible substitutes -- and some have suggested Ford (F), which has turned down government bailouts, could be a fitting replacement.