Kerkorian sells all of his Ford shares

Posted: Dec 29, 2008
 Email 4 Comments

After reducing his share in FoMoCo to 4.9 percent, billionaire investor Kirk Kerkorian today sold off all his remaining shares of Ford. Kerkorian’s investment firm Tracinda Corp. said in October that it had started working with bankers to sell the 133.5 million shares in FoMoCo but gave no schedule of when it planned to complete the transaction.

Tracinda Corp and Kerkorian have previously held a 10 percent stake in General Motors and also made a failed bid for Chrysler last year.

Kerkorian held a 6.5 percent stake in Ford and offered to increase his stake in June to support the company’s turnaround efforts with an infusion of additional funds.

Source: MSNBC


Share |  Email  Print |




Subscribe & Connect

Connect with us on any of our social profiles below.

Subscribe to our e-mail newsletter to receive updates.

  • zermatt

    Sales of his shares will be a big hit to the bottom line.

    Each of Kirk's automotive investments have been painful and I would have to think that he has to have learned his lesson by now. Casino's will have to be a better investment in the future than U.S. automakers.

    People are going to want to party sooner rather than later.

  • jane_d

    and the suckers that bough the shares are none other and the people bailing ford, us the citizen.

  • zermatt

    Sales of his shares will be a big hit to the bottom line.

    Each of Kirk's automotive investments have been painful and I would have to think that he has to have learned his lesson by now. Casino's will have to be a better investment in the future than U.S. automakers.

    People are going to want to party sooner rather than later.

  • jane_d

    and the suckers that bough the shares are none other and the people bailing ford, us the citizen.