Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

The US Government Is Finally Exiting Its Stake In General Motors, And Shares Are Popping

Matthew BoeslerNov 21, 2013, 19:37 IST

REUTERS/Jeff KowalskyThe General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan.The U.S. Treasury Department said today it plans to exit is remaining 31.1 million-share stake in General Motors by the end of 2013, subject to market conditions.

"If average daily trading volumes continue at recent levels, Treasury anticipates that it will complete the sale of its remaining shares by the end of the year," said the Treasury in a statement.

The U.S. government bailed out GM to the tune of $51 billion in the wake of the financial crisis, and has since gotten back $38.4 billion of its investment.

Shares of the Detroit automaker are headed higher in pre-market trading. Right now, they are up around 2.3%.