US Treasury Sells More GM Stock, Cuts Stake to 7.3%
According to Bloomberg, the US Treasury, who is looking to sell all of its shares by early next year, has a remaining stake worth about $3.8 billion, which means it will probably lose about $11.8 billion.
“We remain on track to complete our exit from GM by early next year at a cost far less than originally projected,” said Tim Massad, the department’s assistant secretary for financial stability.
The Canadian government is also looking to exit its ownership in General Motors “as quickly as feasible”. The federal and Ontario governments have invested $9.5 million in GM’s bailout and have 140 million shares which are valued at $5.1 billion.
The Canadian government is the third-largest General Motors shareholder behind the US Treasury and the GM-UAW Voluntary Employee Beneficiary Association.