S. Treasury sold nearly $900 million in General Motors stock in July as it moves to exit its investment in the Detroit automaker by early 2014.
In a report to Congress on Monday, the Treasury said 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.
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.Read Article