Photo: General Motors
The US government has sold another piece of its stake in General Motors last month, reporting to Congress that it had received about $620.9 million in proceeds. In February, the US Treasury sold $489.9 million worth of GM stock.
The report issued yesterday says the government has now recovered about $30.4 billion of the $49.5 billion GM bailout. This means the remaining 255 million shares would have to sell for around $75 each for the government to break even, more than double the current price. GM stock in March was reportedly sold in a range of $26.75 to $29.30 and estimates say the government sold about 22.2 million shares. GM’s shares closed Monday at $28.37 each.
US Treasury began selling General Motors shares in November 2010. Back in January, the US Treasury named Citigroup Inc. and JPMorgan Chase & Co. to manage and complete the General Motors stock sale by March 2014. Meanwhile, taxpayers are still $19.1 billion in the hole...
US Treasury began selling General Motors shares in November 2010. Back in January, the US Treasury named Citigroup Inc. and JPMorgan Chase & Co. to manage and complete the General Motors stock sale by March 2014. Meanwhile, taxpayers are still $19.1 billion in the hole...
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