Billionaire investor Kirk Kerkorian’s Tracinda Corporation has sold off its remaining shares of Ford Motor Company. Tracinda, under Kerkorian’s guidance, started amassing stock in Ford last Spring – at one point acquiring 6.5 percent of the company – but since early Fall, the group had begun selling off its shares in Ford at a rapid pace.
Tracinda spent $995 million on 141 shares of Ford at an average of $7.07 a share. The automaker’s stock is trading around $2.20 at press time.
Kerkorian, 91, is no stranger to the automotive industry. He owned nearly 10 percent of General Motors at one point and he unsuccessfully tried to buy Chrysler LLC.
It is unclear what led Kerkorian to sell off his share of Ford so soon after purchasing it – and at such a loss. Some reports early on indicated there was concern within the Ford family about Kerkorian’s investment being a threat to take control of the family business, but many analysts also saw his investment as an endorsement of the company’s strategies and of leader Alan Mulally.
