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Gov’t Sells $1.2 Billion In GM Stock, Moving Closer To Selling Entire Stake In Automaker

DETROIT (AP) – The U.S. government sold another $1.2 billion worth of General Motors stock last month as it moves closer to selling its entire stake in the automaker.

The government’s stake as of Oct. 31 could be as low as 4 percent.

The government has recovered roughly $37.2 billion of the $49.5 billion it spent to save GM five years ago. That means taxpayers are still $12.3 billion in the hole.

The report didn’t say how many shares were sold in October or how much stock the government still owns.

As of Sept. 26, it owned 101 million shares or about 7 percent of the company.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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