US Treasury Sells More GM Stock, Cuts Stake to 7.3%

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The US Treasury has reduced its stake in General Motors to only 7.3 percent and has recovered $35.4 billion of $51 billion invested in the company back in 2009, the government said in a report.
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.
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About the author: Ciprian Florea
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Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
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