US Treasury Sold $489.9 Million of GM Shares in February image

The US Treasury, which plans to sell all its GM shares, accelerated the sell-down last month receiving $489.9 million in proceeds.

The government published the results on March 11th, in its monthly report to Congress. In a similar report the US treasury said it received $156.4 million in January from selling GM shares. The government invested about $50 billion in GM’s bailout, a move which was the centerpiece of President Barack Obama’s first term and drew criticism from the Republican party.

In December, the US Treasury announced its plans to sell GM shares in the following 15 months. GM was the one to buy back 200 million shares for $5.5 billion. The rest of 300.1 million shares will be sold in the following 15 months, according to the market conditions, through stock offerings or other means.

“This announcement is an important step in bringing closure to the successful auto industry rescue, it further removes the perception of government ownership of G.M. among customers, and it demonstrates confidence in G.M.’s progress and our future,” said GM CEO Dan Akerson.

During the fourth quarter Berkshire Hathaway, which belongs to Warren Buffett, purchased 10 million GM shares, increasing its total number of shares to 25 million, according to a filing with the Securities and Exchange Commission.