According to a report from CNBC, the US government has sold off the last of its remaining shares in General Motors. Secretary Jack Lew reports that $39 billion of the $49.5 billion investment in GM has been recovered, meaning that the investment, on paper, cost taxpayers a total of $10 billion.
GM CEO Dan Akerson said in a statement, which you can read in full down below, "We will always be grateful for the second chance extended to us and we are doing our best to make the most of it. ... Continued investments, innovation, and job creation are just some of the "returns" of a healthy GM and domestic auto industry." GM stock closed today at $40.90, which is a new record.
Does this mean we've heard the last Government Motors joke? Probably not...
GM Statement on U.S. Treasury Full Ownership Exit
Attributable to Chairman and CEO Dan Akerson
DETROIT – The following statement is attributable to General Motors Chairman and CEO Dan Akerson:
"The U.S. Treasury's ownership exit closes just one chapter in GM's ongoing turnaround story. We will always be grateful for the second chance extended to us and we are doing our best to make the most of it. Today is not dramatically different from the hundreds of preceding days during which we have worked to make GM a company our country can be proud of again.
"Continued investments, innovation, and job creation are just some of the "returns" of a healthy GM and domestic auto industry. Our work continues uninterrupted, and we will keep our sights squarely on our customers and transforming the way we do business."
About General Motors Co.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.