(Update: The Wall Street Jorunal is now reporting Kerkorian might sell his entire stake in General Motors. Stay tuned…)
Billionaire investor Kirk Kerkorian will cut his investment firm’s stake in General Motors to just 4.95 percent, the company said today. Just days ago, Kerkorian reduced Tracinda’s share to 7.4 percent from 9.9 percent.
The moves follow the resignation of Kerkorian’s close associate Jerry York from GM’s board of directors last month. Kerkorian and York began to distance themselves from GM ever since talks between GM and Renault- Nissan fell apart. Kerkorian and York were leading proponents of those talks.
