The U.S. Treasury sold at least 17.2 million shares of stock in General Motors Co. in February as it vows to exit its stake in the Detroit automaker by March 2014.In a report to Congress late Monday, Treasury said it had raised $489.9 million from the sale of shares in GM last month.
Treasury hasn't disclosed the precise number of shares it sold, but based on stock prices in February, the government sold between 17. 2 million and 18.1 million. That means since January, Treasury has sold at least 22.6 million shares — or at least 7 percent of its 300 million shares it is selling off. Treasury said last month it had net proceeds of $156.4 million in January for the sale of GM stock during eight full trading days of the month.
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