US Government sells $489 million in GM stock in February
The Treasury Department is not providing full details on the sale of General Motors stock each month, instead just announcing the dollar value of the GM stock sold during the past month. Among the details not included in these monthly statements is the exact number of shares but we can get a rough estimate based on the number of shares sold and the average price per share of GM stock during that selling period.
Through the month of February, the US Government sold $489.9 million worth of General Motors common stock with help from investing firms Citigroup Inc and JPMorgan Chase & Co. Based on the average price of GM stock in February, we can surmise that the two assisting firms sold between 17.2 million and 18.1 million shares of GM common stock from the pool of 300 million or so shares that the government is looking to sell off over the next 12-15 months. When you add in the $156.4 million worth of GM common stock sold in the short business month of January, the government has pulled in almost $650 million from selling the stock issued as repayment for the bailout loans of 2008/2009.