US Treasury Recovered $3.2B From GM Stock Sale image

So far this year the US Treasury has managed to sell GM shares worth $3.2 billion.

The US Treasury reported that in May is has sold $611.4 million worth of GM stock, besides the $1.64 billion shares sold from January to April and $1.03 billion gained through an IPO last week. This means that the government managed to recover around $32.4 billion from the total of $49.5 billion bailout offered to GM in 2009. Taxpayers still need to recover $17.1 billion.

Treasury officials said that 58.4 million GM shares have been sold from January to May, for around $28.05 per share. Shares that are to be sold this month will go for $34.41 each. GM’s return to the S&P 500 index has increased demand for the automaker’s shares and the stock has almost reached the highest level since February 2011.

During the first three months of this year the Treasury sold almost 20% of the rest of GM’s shares, from the total of 60.8% it initially took after the $49.5 billion bailout. This means that the Treasury will exit the automaker this year, instead of the previous target of March 2014.

Source: Yahoo Finance