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US to Sell GM Stake at $11 Billion Loss

by Forrest Jones

The government plans to sell most of its remaining stake in General Motors in the coming months and lose $11 billion in the process, The Wall Street Journal reports.

With taxpayer money, the government rescued General Motors for $50 billion in 2009 To get that money back, the U.S. Treasury will need to sell its remaining stake of around 500 million shares at $53 apiece. GM is currently trading around $30, even dipping below that figure, on the New York Stock Exchange, below its $33-a-share November initial public offering.

The company, meanwhile, raised discounts to $400 per vehicle in January and February with the aim of boosting sales, which didn't help stock prices at all. Company CEO Dan Akerson says he supports the move. "I feel pretty good about that. I think we're in pretty good shape," Akerson says, according to the Associated Press.