By Peter Schroeder - 12/02/10 09:27 PM EST
That amount is in addition to the $11.7 billion the government received Nov. 23 when it sold 358 million shares of the stock during GM's successful IPO, the Treasury Department reported.
"General Motors's IPO is a testament to that company's turnaround and the significant progress we have made continuing to exit our investments and recover taxpayer dollars," said Tim Massad, Acting Assistant Secretary for Financial Stability.
The underwriters participating in the offering had an option to purchase another 53 million shares within 30 days of the IPO from the government, and that option was exercised in full Nov. 26, resulting in the $1.8 billion boost.
The end result of the IPO, which generally exceeded analysts' expectations, is that the government's investment in GM has been nearly halved. Once owning 60.8 percent of the company's stock, the government now owns 33.3 percent.
The government pumped about $50 billion into the ailing company last year in exchange for a majority equity stake in the company. GM has now paid back about $23.1 billion to the government, according to the Treasury.