Kerkorian unloads rest of Ford stock

Filed under: Ford, Earnings/Financials

Back in June, Kirk Kerkorian, billionaire investor and auto industry meddler, bought up 140.8 million shares in Ford Motor Company at $8.50 a pop, gaining a 6.49% stake in the automaker and becoming the largest single shareholder outside of the Ford family. By October, FoMoCo stock was hovering around $2.50 a share and Kerkorian's investment firm, Tracinda Corp., decided that it was time to unload a chunk of the stock. At the end of the day, Tracinda held onto 133.5 million shares and lost some $44 million, and less than a week later dropped another 26.4 million shares. Today, Kerkorian sold off the rest of his stock, with FoMoCo shares selling for just $2.22. While none of this comes as a surprise (Tracinda talked about selling off the remaining shares when it began unloading in October), analysts contend that the fire sale has less to do with Kerkorian's confidence in Ford (Mr. K has continued to applaud Ford CEO Alan Mulally), and more to do with Tracinda's declining MGM Mirage shares.

[Source: Detroit Free Press]

Kerkorian unloads rest of Ford stock originally appeared on Autoblog on Mon, 29 Dec 2008 16:58:00 EST. Please see our terms for use of feeds.

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