Oct21
By David Walker Leasetreader.com
Tracinda Corp. an investment firm run by Kirk Kerkorian shook up the auto indistry last summer by escalating their stake in Ford Motor Company by making him the largest single shareholder outside the Ford family. He increased their state by 40 million shares to a total of 140.8 million shares, which accounted for 6.49% of the automaker..
At the time of purchase, Ford stock was going for $8.50 per share. Tracinda Corp announced today that it has sold 7.3 million shares of Ford at an average price of $2.43 per share, leaving it with 133.5 million shares of the Ford and a loss totaling some $44,311,000.
Kirk Kerkorian has also said that it may discharge his entire investment in Ford and has already contacted several investment banks but he will wait until the stock price improves before diversifying.
Kirk Kerkorian
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