US Treasury to Sell Remaining Stakes in General Motors
Last December, the U.S. Department of Treasury announced that it would sell of its remaining shares of General Motors within the next 12 to 15 months.
The Treasury Department announced today that it would begin another round of sales of GM stock, of which it still has 241.7-million shares of, or nearly 18 percent. General Motors is looking forward to closing the chapter on the bailout; the American automaker believes it has had an adverse effect on its sales due to customers disagreeing with the bailout.
After GM’s IPO last November, the Treasury’s share of the automaker’s common stock fell to 32 percent of its value. Last week, GM came within 56 cents of its IPO price of $33.
By the end of March 2013, the U.S. government had received $30.4 billion of the $49.5 billion used to bailout GM.
[Source: Automotive News]
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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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