The Detroit News reports that the U.S. Treasury Department sold nearly $900 million in General Motors stock in July 2013.
The US government is moving forward with its plans exit its investment in GM by early 2014.
The Treasury, in a report to Congress, said that it sold $876.9 million in stock last month.GM stock traded between $34 and $37 a share in July. That indicates the government sold between 23 million and 26 million shares of its holdings, according to the news report.
“Using those calculations means the government has 135 million to 137 million shares of GM stock remaining. At the current rate, it should take about six months for the government to exit. In total, the Treasury has recovered $34.6 billion of its $49.5 billion bailout of the automaker,” the newspaper reported.
The Treasury, which initially held a 61% stake in GM as part of its $49.5 billion bailout, owned 500.1 million GM shares in December.
Source: The Detroit News
