Government sold $621M worth of GM stock in March - WRBL

Government sold $621M worth of GM stock in March

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DETROIT -

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.

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