The government is getting closer to selling all of its General Motors stock.
The Treasury Department said in its August report to Congress that it sold US$811 million worth of GM common stock last month.
The report dated Tuesday says the government has recovered about US$35.4 billion of the US$49.5 billion bailout it gave the Detroit automaker. That means taxpayers are still US$14.1 billion in the hole.
The Treasury says the price per share of stock sold in July and August will be revealed at a later date.
GM stock sold in a range of US$33.50 to US$37.18 in August. At the midpoint of US$35.34, the government would have sold roughly 23 million shares. In July, the government sold US$877 million worth of stock. At the midpoint of US$35.56, it would have sold roughly 25 million shares.
That would leave it with an estimated 186 million shares. Those would have to sell for around US$76 each for the government to break even, more than double the current trading price. GM shares closed Tuesday up 52 cents, or 1.4 per cent, at US$37 as the markets rallied on Syria’s decision to give up its chemical weapons.