The British government sold 80 million shares of BP at $7.58 in 1979, as part of Thatcher-era privatisation. This sale represented slightly more than 5% of BP's total shares and reduced the government's ownership of the company to 46%.[47] After the worldwide stock market crash on 19 October 1987, Prime Minister Margaret Thatcher initiated the sale of an additional GBP7.5 billion ($12.2 billion) of BP shares at 333 pence, representing the government's remaining 31% stake in the company.[48][49]