Government Winding Down GM Stake and 2 Auto Stocks Going Places
General Motors Company (NYSE:GM): Current price $28.17
The United States government has now retrieved approximately $29.8 billion of its $49.5 billion GM bailout, which helped the company get through Chapter 11 bankruptcy and create a path toward survival, according to the Detroit Free Press. In February, the government sold off almost a half-billion dollars in General Motors stock, ratcheting up the winding down of its interest in the country’s biggest automaker. The Treasury Department said in a monthly report that it divested GM shares worth $489.9 million at the same time, marking over three times the $156.4 million it sold in January, which was the first month it sold shares on the open market. GM’s stock traded in a range between $26 to $28 per share in February, implying the government sold around 18 million shares, but the exact figure was not released.