President Donald Trump said on Wednesday that General Motors should pay back the money the government spent to keep it afloat as part of the auto industry bailout.
“If GM doesn’t want to keep their jobs in the United States, they should pay back the $11.2 billion bailout that was funded by the American taxpayer,” Trump, angry about the automaker’s decision to close four plants in the United States, said on Twitter.
The U.S. government lost $11.2 billion on its bailout of General Motors, according to a 2014 government report. The government invested about $50 billion to bail out GM as a result of the company’s 2009 bankruptcy, and at one time held a 61 percent equity stake in the Detroit-based automaker.
Treasury whittled down its GM stake through a series of stock sales starting in November 2010, with the remaining shares sold in December 2013 at a $11.2 billion loss.