The US government has sold off a major portion of its shareholdings in General Motors Co. This move was announced by the Treasury Department in its report to Congress, indicating it had sold 58.4 million shares of GM stock worth US$1.6 billion.

By the end of April, the US Department of the Treasury had been repaid nearly US$30.7 billion of the US$49.5 billion total bailout it had infused into the Detroit car manufacturer. This means that taxpayers would still have to wait for the remaining US$18,8 billion to be paid off by the company.

GM stock prices in Aprils sold between US$27,52 and US$30.84 per share. In order for the US government to break even on its investment, the remaining shares of stock held by the government should sell off at least by US$61.64 per share. GM's share prices closed at US$31.42.

By Monday, the Treasury would then proceed to the next phase of its plan to sell off the remaining 241.7 million shares of stock in General Motors. These remaining shares should sell at least by US$78 per share in order for the government to recover its bailout investment in the company.