Investor Kirk Kerkorian recently sold 7.3 million shares of his stock on FoMoCo saying that his company, Tracinda, will focus more on the gaming and oil and gas industries where its sees more value. Today, Tracinda announced that it has sold another 26.4 million shares of its Ford stock at an average sales price of $2.01.
That brings Kerkorian’s share in Ford to 4.9 percent, down from 6.09 percent when Tracinda sold 7.3 million. He now holds about 107 million shares. Kerkorian has invested over $1 billion in Ford saying that he believes in CEO Alan Mulally’s vision.
Tracinda has previously said that it is planning on selling all its shares in Ford in the near future. That decision will be made on market conditions and prices.
Source: Detroit News