The US government has sold yet another stake of General Motors as reported by them to Congress. The US treasury received about $620.9 million in proceeds. The treasury had earlier in February sold $489.9 million worth of stock of GM.
As per the reports, the US government has now recovered around $ 30.4 billion of the total $49.5 billion bailout given to the company. The government still has 255 million shares with it and if it has to break even it would have to be sold for atleast $75 per share which is almost the double the current price of the stock.
US treasury had started selling shares of the GM since November 2010. In January 2014, the Treasury identified Citigroup Inc. and JPMorgan Chase & Co. to manage and complete the General Motors stock sale by March 2014 which is not yet completed. Reportedly around 22.2 million shares were sold in March by the Treasury at a price range of $26.75 to $29.30.
