US Government Sells Off 58.4-Million GM Shares This Year

US Government Sells Off 58.4-Million GM Shares This Year

As the U.S. Treasury Department looks to sell off its remaining shares of General Motors stock, its April report to Congress stated that it has sold 58.4-million shares so far this year, earning net proceeds of $1.6 billion.

At the end of last month, the Treasury had recovered around $30.7 billion of the $49.5 billion used to bailout the American automaker. The Treasury Department still plans to selling all remaining shares of GM stock by early next year.

SEE ALSO: US Treasury to Sell Remaining Stakes in General Motors

For the government to recoup its total costs in the GM bailout, it would have to sell the remaining 241.7-million shares at about $78 per share. That looks to be unlikely, considering GM shares closed at $31.42 on Friday.

GM began trading publicly again in 2010 and were sold at $33.

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