The United States government has sold off its remaining stock in General Motors, revealing that the bailout of GM cost roughly $10 billion.
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The U.S. Treasury Department plans on selling its remaining shares of General Motors by the the end of the year.
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As the U.S. Treasury Department looks to sell off its remaining shares of General Motors stock, its April report to Congress stated that it has sold 58.4-million shares so far this year, earning net proceeds of $1.6 billion.
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The United States Treasury has initiated a plan to sell its remaining 300.1 million shares of General Motors stock, hoping to divest itself of its 19 percent stake within the next 12 to 15 months.
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General Motors announced its plan to buy back 200 million shares from the U.S. treasury today for $5.5 billion, or $27.50 per share.
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