Government sells 58.4 million shares of GM stock

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Associated Press

Posted on May 10, 2013 at 3:01 PM

Updated Friday, May 10 at 3:02 PM

WASHINGTON (AP) — The government says it has sold another piece of its stake in General Motors Co.

The Treasury Department said in its April report to Congress that so far this year it has sold 58.4 million shares of GM stock and earned net proceeds of $1.6 billion.

At the end of April, Treasury had recovered about $30.7 billion of the $49.5 billion bailout it gave the Detroit automaker. That means that taxpayers are still $18.8 billion in the hole.

GM stock sold in April in a range of $27.52 to $30.84 per share. For the government to break even on its investment, the remaining stock would have to sell for more than double the April high.

On Friday GM shares closed at $31.42, down 23 cents.

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