Government sold $621M worth of GM stock in March
The U.S. government has sold another piece of its stake in General Motors Co.
The Treasury Department says in its March report to Congress that it sold $621 million worth of GM common stock last month.
The report dated Wednesday says the government has recovered about $30.4 billion of the $49.5 billion bailout it gave the Detroit automaker. That means taxpayers are still $19.1 billion in the hole.
The Treasury says the price per share will be revealed at a later date.
GM stock sold in a range of $26.75 to $29.30 in March. At the midpoint, the government would have sold roughly 22.2 million shares.
That would leave it with about 255 million shares. Those would have to sell for around $75 each for the government to break even.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)