US Government Sells Off 58.4-Million GM Shares This Year
As the U.S. Treasury Department looks to sell off its remaining shares of General Motors stock, its April report to Congress stated that it has sold 58.4-million shares so far this year, earning net proceeds of $1.6 billion.
At the end of last month, the Treasury had recovered around $30.7 billion of the $49.5 billion used to bailout the American automaker. The Treasury Department still plans to selling all remaining shares of GM stock by early next year.
SEE ALSO: US Treasury to Sell Remaining Stakes in General Motors
For the government to recoup its total costs in the GM bailout, it would have to sell the remaining 241.7-million shares at about $78 per share. That looks to be unlikely, considering GM shares closed at $31.42 on Friday.
GM began trading publicly again in 2010 and were sold at $33.
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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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