Special Summer Sale: U.S. Treasury Sells Back More GM Stock
According to the U.S. Treasury’s monthly report to Congress, the government is sticking to its word and continuing to sell off its remaining General Motors (NYSE:GM) stock, receiving total net proceeds of about $877 million from sales of GM common stock in July.
Automotive News reports that GM stock traded between $34 and $37 in July, which means the Treasury sold between 24 million and 26 million shares of stock in the month. That sale follows in the wake of GM’s re-inclusion into the S&P 500 Index in June, right after the Treasury reported an additional sale of 30 million of its shares.
For the month’s total, the agency reported that it sold nearly $2 billion in GM stock in June and allowed the government to assuage critics with the good news that the U.S. expects to now only lose $17.9 billion from the $85 billion GM bailout — an estimate of losses that could decrease even more as GM’s stock price rises.