As the U.S. Treasury Department looks to sell off its remaining shares of General Motors stock, its April report to Congress stated that it has sold 58.4-million shares so far this year, earning net proceeds of $1.6 billion.
At the end of last month, the Treasury had recovered around $30.7 billion of the $49.5 billion used to bailout the American automaker. The Treasury Department still plans to selling all remaining shares of GM stock by early next year.
SEE ALSO: US Treasury to Sell Remaining Stakes in General Motors
For the government to recoup its total costs in the GM bailout, it would have to sell the remaining 241.7-million shares at about $78 per share. That looks to be unlikely, considering GM shares closed at $31.42 on Friday.
GM began trading publicly again in 2010 and were sold at $33.
Discuss this story at GMInsideNews.com