Posted by: youngragingbull | April 10, 2013

U.S. government sells $621M of GM stock in March

The U.S. Treasury Department reported Wednesday that it sold $621 million worth of General Motors Co. common stock last month.

In a report to Congress, the Treasury said it has now recovered approximately $30.4 billion of the $49.5 billion bailout it gave the Detroit automaker.

The Treasury did not reveal the price per share it sold its stake, but said it would reveal more information at a later date.

GM stock sold in a range of $26.75 to $29.30 in March. At the midpoint of $28, 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 on its bailout, more than double the current trading price. GM shares closed up 84 cents, or 3%, at $28.37 amid a broad market rally on Wednesday.

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