Kerkorian sells all of his Ford shares

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