Billionaire Kirk Kerkorian’s Tracinda investment firm has reduced its stake in General Motors to 7.4 percent from 9.9 percent. The news comes just over a month after Kerkorian’s close associate Jerry York resigned from GM’s board of directors.
Over the past year, Kerkorian increased his stake in General Motors to nearly ten percent — a move viewed by many as a sign of confidence in the automaker’s future. However, Kerkorian and York have seemingly began to distance themselves ever since talks between GM and Renault-Nissan fell apart. Kerkorian was the chief architect of those discussions.
According to a U.S. regulatory filing, Tracinda agreed to sell 14 million GM common shares in a private sale for $33 per share. The transaction was valued at $462 million.



11/22, 2:36 PM
posted by:
Renton
Hey Kirk,
Buy me a Veyron.
11/22, 2:47 PM
posted by:
British_Rover
I can translate this move for you guys…
If you don’t want to play the way I want to play I am taking my ball and going home…
11/22, 2:52 PM
posted by:
90Z
^^You got that right.
11/22, 3:18 PM
posted by:
Andre Neves
well he hasn’t taken his ball home yet, just deflated it a bit. But you know if the ball doesn’t bounce than he will take it home and….what the-…ok sorry, got alittle carried away with that.
11/22, 3:20 PM
posted by:
British_Rover
^^^ Yeah you can’t carry the metaphor too far or it just gets dumb.
*smacks you upside your head.
11/22, 3:31 PM
posted by:
nowei
I suspect Kerkorian’s balls are already pretty deflated…
Oh, man, that was a cheap shot.
Sorry Kirk
/no
11/22, 4:07 PM
posted by:
F451
Kerkorian is in it for the money, as is any businessperson. The money was not there, he’s not getting any younger, and GM’s future is questionable at best. I’d say he did the right thing.
11/22, 4:17 PM
posted by:
Andre Neves
British_Rover,
Thanks, I needed that.
11/22, 4:19 PM
posted by:
Oldsmobile
F451, If GM’s future is questionable at best, what about Ford and DCX?
11/22, 4:34 PM
posted by:
psiclone
British_Rover hit it on the nose.
11/22, 5:23 PM
posted by:
Hal
yeah kerkorian made his fortune behaving irrationally and throwing schoolyard tantrums… he puts his money where his mouth is.
rick wagoner pulled over $22M in compensation out of GM in the last 4 years of (thru 2005). no wonder he isn’t interested in a merger or takeover – great job rick
11/22, 5:26 PM
posted by:
Stuart
Oldmobile – DCX still has Mercedes bring the bacon. GM are screwed but hey rather them then Ford.
11/22, 7:44 PM
posted by:
GarbageMotorsCo
As a former diehard GM fan for many many years, I can understand Kirk’s dwindling confidence in the company. Geeze, now he knows how us consumers feel when we get burned by cheap, underengineered crap that doesn’t last.
Welcome to the club Kirk.
11/22, 8:07 PM
posted by:
Veda
Anyone with a sense of business will do the same when in his position. Kirk’s doing the natural thing…
11/23, 6:36 PM
posted by:
Andre Neves
^ enough with the gay refrences. You both need to find a room.
When is all this immaturity on this sight going to be moderated, it’s getting annoying.
11/25, 1:09 PM
posted by:
Veda
No kidding Andre. Though I highly doubt that this site is going to be moderated for a long long time.
11/26, 7:47 PM
posted by:
avlight
GM is on the right track already without Rennault-Nissan interference. Kerkorian, Ghosn, and Rennault-Nissan would have further dragged down GM because these two companies are not know for quality. Nissan in my part of the country is more known as the easy “no money down, no credit checks, 199.00 a month” dealerships (that’s actually a lease when you play back the super fast talking man in slow motion)
It needs to reinvigorate Saturn as the pratical car brand that competes with the Japanese head to head instead of letting it be Oldsmobile Junior.
It needs to sell SAAB. This was a panic purchase caused by Ford buying Volvo. Their diehard fans are leaving right and left as their prized models became another badge-engineered GM vehicle. The 9-3 is the Malibu/G6. The redesigned 9-5 is rumored to be the Impala/Grand Prix. The now discontinued 9-2 was left on the showroom because the first year models had the ignition switch in the column (not on the center console as all SAABS are), the dash lights were not green, and the air conditioning vent louvers were not the square box louvers famous on SAABS. Even though they were corrected in the second year model, the lifelong anger continues and that car died.
What would really help GM is to start all over again with a new car brand that is a combination of the technology/ horsepower of the new Cadillacs to the handling qualities of the BMW to the style, finesse, quality, and craftsmanship of Acura that creates a Europeanesque luxury performance sedan combined with the practicality and user friendliness of the Japanese. Have three car series (small, medium, and large), a wagon version, a SUV, and a crossover version separate and independent of chassis, interior, and engines (not a rebadged Opel/Vauxhall/Holden) and make their dealerships seperate like the old Saturns were. Basically bring back the Saturn mentality that worked but apply it to a luxury performance segment instead of a economy/practical compact segment.
As time progresses, drop Buick and Cadillac. The marketing demographics show that they only cater to the elderly and that young buyers are skipping Cadillac and Buick (associated as daddy’s bloated gas guzzling car overdone with archaic looking woodgrain) and are going directly over to Acura or Lexus. Based on this, these two brands will eventually fade away.
What the big 3 have not figured out yet is that this is the first generation of young buyers whose parents have never owned an American car and were ingrained from childhood that they are unreliable, gas guzzling, constantly break down, and built by lazy people that have overprotected jobs. Therefore brands like Chevy (economy), Pontiac(performance and econo-european feel), and Saturn (practicality) need to focus on practicality, quality, reliability, and price competitiveness and let these attributes sell the car.
And let’s tell the American car dealers to quit being arrogant, haughty, and pompous while trying to act like my long-lost friend / ‘good-ole-buddy’ and become passionate, friendly, straight-to-the point, and considerate like many of the import dealers are. In my part of the country, that was the major reason why many went to the imports. The dealers were nicer, had better payment/financing plans (not forcing you to finance through GMAC or Ford Credit), and did not demean or insult the customer when the first initial offer was ‘rejected’.
11/27, 3:17 AM
posted by:
Veda
Avlight, yea I remember a salesguy who first explained that he likes the fair and square no pushy style of business but then got visibly pissed because I didn’t want any additional “options” like paint protector and other crap after trying to shove them down my throat for half an hour.