Investor and casino mogul Kirk Kerkorian has reduced his share in Ford Motor Company to less than just 4.89 percent today by selling about 19 million shares in the Dearborn, Michigan, automaker. Working through his investment company, Tracinda Corporation, Kerkorian has been cutting his share of Ford at a significant loss in the last couple of weeks.
Just last week, Tracinda sold 7.3 million shares of Ford at an average price of $2.01 per share for a grand total of 26.4 million shares sold in a one week period. Tracinda paid an average of $7.10 per share of Ford. At one point, Tracinda had acquired 6.5 percent of Ford in an effort to help turn around the automaker.
Kerkorian told Reuters that he’s considering selling all of his shares in Ford , though he hasn’t given a reason for his seemingly abrupt change of heart.
