The U.S. Treasury, which is exiting its ownership stake in General Motors Co., accelerated its sell- down of the automaker in February, saying it received $489.9 million in proceeds from the sale of common shares.
The government disclosed the results Monday in its monthly report to Congress on the status of the Troubled Asset Relief Program. A similar report last month said the Treasury received $156.4 million from selling GM shares in January.
The number of GM shares sold and average price per share will be disclosed when each pre-arranged trading plan is completed, the report said.
The U.S. invested about $50 billion in Detroit-based GM, the biggest segment of an auto industry bailout that was a centerpiece of President Barack Obama’s first term. The investment drew criticism from Republican officials and GM received the label “Government Motors.”
GM in December purchased 200 million of its shares for $5.5 billion from the Treasury, moving the government a step closer to ending the auto bailout.
After that transaction, the Treasury was left holding about 300 million shares, or 19 percent on a fully diluted basis and planned to sell its entire holding within 15 months.
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