GM Stock Worth $621 Million Sold by US Treasury

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.
General Motors headquarters 1 photo
Photo: General Motors
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...
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)
About the author: Ciprian Florea
Ciprian Florea profile photo

Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
Full profile


Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories