In late 2021, investors cheered General Electric's (NYSE: GE) decision to split itself into three public companies. However, by the middle of 2022, the market had soured on GE. After peaking above $110 following the breakup announcement, GE stock slid all the way to $60 -- a level not seen since the early days of the COVID-19 pandemic -- by July 2022.

Investors have regained their enthusiasm for the breakup in 2023, as GE stock has roared higher. In fact, shares of General Electric -- and its GE Healthcare Technologies (NASDAQ: GEHC) spin-off -- have more than doubled in value in the last 11 months. The upcoming spin-off of GE's energy businesses could enable further gains in 2024.

General Electric couldn't seem to catch a break in 2022. In its first-quarter earnings presentation, the company highlighted a slew of near-term challenges it was facing, including high inflation, the Russia-Ukraine war, and supply chain constraints. These factors slowed the aerospace unit's recovery and pressured margins in the healthcare unit all year.

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Source Fool.com