The United States Treasury Department gained a net of $1.2 billion from selling its shares in General Motors in October, according to the department’s report to Congress. This means that through the end of October, the Treasury had recovered $37.2 billion of the $51 billion it used to bail out and restructure GM.
The report, however, does not say how many shares were sold as well as the price. GM’s shares have gained 27 percent so far this year. In a September report, the Treasury disclosed that its GM stake had been trimmed to 7.3 percent. The US Treasury became GM’s largest shareholder after it went public in 2010.
The government has vowed to divest all of its stake in GM starting in December 2012 within 15 months, with the carmaker able to repurchase $5.5 billion of shares to date.
According to GM chief executive Dan Akerson, the US government may complete selling its stake in the carmaker before the end of 2013. The US government is exiting GM as investor confidence in the carmaker has surged while it launches 18 new or redesigned vehicles in the country, turning its product lineup into one of the freshest from one of the oldest in the industry.