Kerkorian sells 7.3 million shares of its FoMoCo stock

Kirk Kerkorian’s Tracinda Corp. announced today that it will reduce its share by 6.5 percent in FoMoCo and may eventually sell the rest of its stake in the Detroit automaker. Tracinda said that it will focus more in the gaming and hospitality and oil and gas industries where it sees more value.

Tracinda sold 7.3 million shares of its common stock in FoMoCo for an average price of $2.43. The company also said that it intends on reducing its shares further including the possibility of selling all of its remaining 133,500,000 shares, or 6.09 percent. That decision will be made on market conditions and available prices.

Tracinda has invested about $1 billion in Ford.