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The Boston Globe

Business

Government sold $621M worth of GM stock in March

DETROIT — The government has sold another piece of its stake in General Motors Co.

The Treasury Department said in its March report to Congress on Wednesday that it sold $621 million in GM stock last month. The government has recovered about $30.4 billion of the $49.5 billion bailout it gave the Detroit automaker. That means taxpayers are still $19.1 billion in the hole.

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That would leave it with about 255 million shares. Those would have to sell for around $75 each for the government to break even, more than double the current trading price. GM shares closed up 84 cents, or 3 percent, at $28.37 amid a broad market rally on Wednesday.

GM shares sold for $33 each when they began publicly trading again in November of 2010. The shares rose shortly after the sale but fell dramatically early last year as the economy slowed and Europe headed toward recession.

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