Treasury sells more GM stock

The Treasury Department says in its February report to Congress that it sold $489.9 million worth of GM common stock last month.

The report dated Monday says the government has recovered about $29.8 billion of its $49.5 billion bailout of the Detroit automaker. That means taxpayers are $19.7 billion in the hole.

The Treasury says the price per share will be revealed later.

GM stock sold in a range of $26.19 to $29.36 in February. At the midpoint of the range, $27.78, the government would have sold roughly 17.6 million shares.

That means it still owns about 277 million shares.

Those would have to sell for around $71 each for the government to break even, more than double the current trading price. GM shares closed Monday up 31 cents, or 1.1 percent, at $28.31.

In January, Treasury announced a plan to sell the shares by early 2014.