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.
10/21, 10:25 AM
posted by:
BMW M1
Better now than later!
10/21, 10:42 AM
posted by:
Veda
Smart move but apparently he gambled too much by buying ford stocks in the first place.
10/21, 11:45 AM
posted by:
yarddog82abn
Buy high and sell low…
Good thing it was his money and not mine.
10/21, 11:56 AM
posted by:
johnnycanuck
“‘You got to know when to hold ‘em, know when to fold ‘em…”
…Kerkorian relating how he fits those 90 year old marbles into his pants every morning.
10/21, 12:53 PM
posted by:
howsmydriving
Wonder what he knows that the rest of us don’t…..
10/21, 5:15 PM
posted by:
tyler_is_aero_tt
That Taurus X is one ugly vehicle.
10/21, 10:24 PM
posted by:
autonut
Kerkorian foray into auto biz is akin to kiss of death. He lost his ass gambling with GM, although his intentions and ideas were good. Well, road to hell is paved with good intentions. I reckon we can call it vote of confidence.