US Treasury Set to Sell Remaining General Motors Stock
The United States Treasury has initiated a plan to sell its remaining 300.1 million shares of General Motors stock, hoping to divest itself of its 19 percent stake within the next 12 to 15 months.
According to the Treasury, shares will be sold back over the year in order to not disrupt the trading price if all the shares were unloaded at once. It remains to be seen just how much the bailout of GM will cost U.S. taxpayers, but it could be in the billions when all said and done.
SEE ALSO: GM to Buy Back 200 Million Shares from US Treasury
The Treasury Department has brought on J.P. Morgan Securities and Citigroup Global Markets to sell its remaining shares, and released a statement saying that “there will be opportunities for smaller broker dealers, including women and minority-owned broker dealers, to participate in the sale of Treasury’s remaining GM common shares pursuant to the plan.”
[Source: Detroit Free Press]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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