U.S. Government Reduces Stake in GM to Just 7.3 Percent
U.S. Government Reduces Stake in GM to Just 7.3 Percent (Detroit Free Press)
The U.S. Treasury Department had previously announced plans to sell all of its remaining General Motors (GM) stock by early 2014. The government this week released an investment transaction report that showed its divestment plans have advanced further than expected – with its stake in GM shares dropping from 13.8 percent on June 12 to 7.3 percent now. The government is expected to lose a total of about $10 billion on the 2008 GM bailout, although the exact figure depends on GM’s stock performance in the next few months as additional shares are sold.