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The United States plans to sell off much of its remaining shares in General Motors this summer despite the lackluster performance of the company's stock, the Wall Street Journal has reported.
The newspaper said the sale within the next six months would "almost certainly" mean that US taxpayers would take a loss from a politically controversial $50 billion rescue of the auto giant in 2009.
The government would need to sell its roughly 500 million shares for $53 dollars each in order to break even, but GM's stock is currently hovering around 30 dollars per share, the newspaper said.
At the current price, the government would lose more than $11 billion, but the Obama administration is willing to accept the loss in order to cut its last ties to the auto manufacturer, the newspaper said, citing unnamed sources.