The U.S. Treasury said it plans to sell more General Motors’ common stock. The Treasury currently owns approximately 241.7 million shares of GM’s stock.
“TARP’s emergency support to GM during the financial crisis was necessary to prevent the collapse of the American auto industry and save more than one million American jobs,” said Tim Massad, Treasury Assistant Secretary for Financial Stability. “Earlier this year, Treasury launched an effort to sell its remaining shares in GM common stock. We are pleased with the progress to date and will continue exiting this investment in accordance with our previously announced plan and timetable, and in a manner that maximizes returns for taxpayers.”
In December 2012, the Treasury noted that GM repurchased 200 million shares of GM common stock from the Treasury. The Treasury also said it would sell the remaining 300 million shares at that time in order to fully exit its investment in GM 12 to 15 months from the date of that announcement.