Business
Government sold almost $490M of GM stock in Feb
Posted: Mar 11, 2013 7:27 PM
Updated: Mar 11, 2013 7:28 PM
DETROIT (AP) The U.S. government has sold another chunk of its stake in General Motors Co.
The Treasury Department says in its February report to Congress that it sold $489.9 million worth of GM common stock last month.
The report dated Monday says the government has recovered about $29.8 billion of its $49.5 billion bailout of the Detroit automaker. That means taxpayers are still $19.7 billion in the hole.
The Treasury says the price per share will be revealed later.
GM stock sold in a range of $26.19 to $29.36 in February. At the midpoint of the range, the government would have sold roughly 17.6 million shares.
That means it still owns about 277 million shares. Those would have to sell for around $71 each for the government to break even.
