Government Sold $490-Million of GM Stock in February
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.
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