General Motors IPO Nets $11.7 Billion for the U.S. Treasury
The Treasury said in a statement Tuesday that it sold 358.4 million shares as part of GM's IPO on Nov. 17. GM proceeds accounted for almost 5% of the $252 billion companies have repaid to TARP, which is likely to cost U.S. taxpayers only about $50 billion, according to a report released last month.
Earlier this month, GM reported that its third-quarter net income was $2.2 billion, compared to a $571 million loss a year earlier. Revenue jumped 27% to $34.1 billion. Additionally, year-to-date sales for GM's four remaining brands through October increased by 22% from a year earlier to 1.81 million units.