The United States Treasury has shuffled another 135 to 137 million shares of General Motors stock as it continues its exit from the Detroit-based manufacturer. According to The Detroit News, the July sale netted the government $876.9 million, which was valued between $34 and $37 per share.
The government's initial 61-percent stake in GM has been pared down considerably in the post-bailout world, with Uncle Sam holding half a billion shares at the end of 2012. Since then, 17.2 million shares were shed in a February sale, while GM bought back 200 million shares in December, with a further 300 million to be moved "through various means in an orderly fashion." At the current rate, the Treasury should be rid of its remaining shares within the next six months, which fits the government's initial time table of a 12- to 15-month exit.
The News also reports that the government has regained $34.6 billion of its $49.5 billion bailout, beating a February estimate that claimed $20.3 billion in losses. While that's great news, as we reported a few weeks back, the price of GM's shares needs to climb to $95.51 for the Treasury to break even. As of this morning's trading, GM shares are down 30 cents, at $35.68 per share.