More great news in the Detroit auto industry, today. The US Treasury is selling another 30 million in stock shares back to General Motors, after its bailout four years ago.
After market closes today, the Treasury will set the share price and the sale will take place shortly thereafter.
Last year, GM bought back 200 million shares out of the 500 million the government initially purchased. At the end of April, the US Treasury had received $30.7 billion back on its investment of $49.5 billion, leaving $18.8 billion remaining in debt.
The Treasury plans to gradually sell back the remainder of the shares by early next year.
This is amazing news for Detroit. After GM breaks free from government ownership, not only will the auto industry see a surge, but the Detroit economy will, as well.
Source: Crain’s Detroit
Categories: Detroit News