The federal government has begun unloading its stake in the bailed-out auto giant General Motors. On Thursday, GM raised more than $20 billion on the first day of a public offering. The U.S. government rescued GM from bankruptcy with a $50 billion government bailout last year. At the White House, President Obama said the government could even turn a profit once its entire stake in GM is sold off.

President Obama: “Today, one of the toughest tales of the recession took another big step towards becoming a success story. General Motors relaunched itself as a public company, cutting the government’s stake in the company by nearly half. What’s more, American taxpayers are now positioned to recover more than my administration invested in GM.”

Despite Obama’s claims, there are doubts about how much taxpayers will be able to reclaim. The government still owns half its initial 60 percent stake in GM and must now wait six months before shedding more company stock. While shares closed at $34, the government will have to sell the remainder at $53 a share to break even.