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U.S. Has Sold $1.6 Billion in GM Stock This Year

Posted: May 13, 2013 at 3:56 amThe U.S.

Posted: May 13, 2013 at 3:56 am

The U.S. Dept. of the Treasury says it sold 58.4 million shares in General Motors Co. for $1.6 billion from January through mid-April.

The transactions leave the government with 241.7 million GM shares, or about a 17.6% stake. The Treasury Dept. said in December it would dispose of its remaining stock by March 2014.

The U.S. has now recovered $30.7 billion of the $49.5 billion it spent to bail out the carmaker in 2009. The government would need to sell its remaining shares for about $78 each to recoup its full investment. GM shares ended last week at $31.42.