Billionaire investor and Las Vegas casino mogul Kirk Kerkorian has sold a part of his 6.5 percent stake in Ford Motor Company. Kerkorian’s Tracinda Corporation sold 7.3 million shares (or about 0.4 percent) of Ford stock yesterday at an average of just $2.43 per share and says it is evaluating whether to sell its remaining 133.5 million shares in the company.
In a statement released to the media by Tracinda, the company said, “In light of current economic and market conditions, (Tracinda) sees unique value in the gaming and hospitality and oil and gas industries and has, therefore, decided to reallocate its resources and to focus on those industries.”
Tracinda has apparently already contacted an undisclosed investment bank to discuss sale of the remaining 133.5 million shares, according to the Detroit News. Yesterday’s sale comes at a substantial loss for Kerkorian and Tracinda.
Kerkorian had increased his stake in Ford to 6.5 percent (about 140.8 million shares) in June. On average, he acquired his stake in Ford at $7 per share.
