US government begins sale of remaining stock that it received for bailing out General Motors

DETROIT – The U.S. government has started to sell the rest of its stake in General Motors.

The Treasury Department says in a report to Congress that it sold $156.4 million worth of GM’s common stock in January.

The report says the government has recovered about $29 billion of its $49.5 billion bailout of GM. That means it’s just over $20 billion in the hole.

Details on the average share price will be revealed later, Treasury says in the report.

GM’s stock ranged from $27.61 to $30.68 in January. At an average price of $29.15, the government would have sold about 5.4 million shares.

The government owned 300.1 million GM shares on Jan. 1. Treasury has said it will sell the rest by early in 2014.