The U.S. government is getting closer to sell its stake in General Motors.
Detroit Free Press reports that the U.S. Treasury Department has slashed its stake in GM to 7.3%.
According to an investment transaction, the government had reduced its stake in GM more than previously expected. The government intends to gradually sell off all of its GM shares by early 2014.
The U.S. owned 13.8% of GM stock as recently as June 12, according to the transaction report. In August, the government had sold $811.1 million in GM stock in August.
From May 6 through Sept. 13, the Treasury sold 110.3 million shares of GM stock at an average price of $34.65 per share for total proceeds of $3.8 billion, according to Treasury documents.
In its August report to Congress, the Treasury said it had recovered about $35.4 billion of its $49.5 billion GM bailout.
Source: Detroit Free Press
