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.
