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GM IPO yields $11.7 billion for taxpayers

The Treasury Department earned $11.7 billion from General Motors Co.‘s recent initial public offering, the government announced. Treasury sold 358,546,795 of its shares in…

By admin , in news , at November 24, 2010

The Treasury Department earned $11.7 billion from General Motors Co.‘s recent initial public offering, the government announced.

Treasury sold 358,546,795 of its shares in GM as part of the IPO.

Treasury could earn an extra $1.8 billion from the deal if investors exercise an option to purchase additional shares of GM common stock. The government got its stock in return for the aid it provided the company through the Troubled Asset Relief Program

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