The Treasury Department announced the sale of $811 million worth of General Motors (GM) stock in August, while the Canadian government shed 30 million shares in September.
The government retains an estimated 186 million shares of GM stock, according to the Associated Press. Those remaining shares are only worth $6.77 billion at GM’s current $36.40 stock value, less than half of what is needed to cover the $14.1 billion the company owes the United States.
GM has repaid all but $14 billion to the federal government. Its stock would have to skyrocket in order for taxpayers to avoid a multi-billion dollar loss on the bailout.
“Those would have to sell for around $76 each for the government to break even, more than double the current trading price,” the Associated Press reported.
More than 20 percent of GM is owned by government entities as a result of the Canadian and American bailouts. The United States has a 13 percent ownership stake. Canada’s federal government, combined with the Ottawa and Ontario provinces’ shares, owns 8 percent of company stock.