Federal Government Sells Off Last GM Stock

by Alec Torres

The federal government announced today that it has sold the last of its General Motors stock, about 31.1 million shares or 2 percent of the company, ultimately losing about $10.5 billion on the original investment.

The government once owned 912 million shares, or 60.8 percent of GM, which it received in return for the $49.5 billion bailout given to the auto manufacturer during the financial crisis of 2008–09. GM’s stock rose about 1.8 percent, or 73 cents, on the news today.

GM’s North American president, Mark Reuss, said that he expects GM sales, especially of pickup trucks, to rise once the government sells its shares. GM filed for bankruptcy and shed its obligations in 2009, and has been profitable almost every quarter since.