Government sold almost $490M of GM stock in Feb - WAOW - Newsline 9, Wausau News, Weather, Sports

Government sold almost $490M of GM stock in Feb

Posted:
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.

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