Billionaire Kerkorian reduces stake in Ford

Source: Manufacturing Digital

Date :10/28/2008 11:05:39 AM

Investor Kirk Kerkorian, President and CEO of Tracinda Corporation, has reduced his stake in Ford Motor Co to less than five percent after selling more share in the US automaker.

The Las Vegas billionaire said Tuesday, in a filing with the Securities and Exchange Commission, that he sold 26.4 million shares between October 21 and October 27 at an average price of US$2.01 each.

That has reduced his stake to about 107 million shares - or 4.89 percent.

Tracinda said last week that it intended to lower its stake in the automaker and invest in other industries such as casinos, hotels and oil and gas, where it sees more value.

The company announced October 21, that it had sold 7.3 million Ford shares at an average price of US$2.43 each, cutting its stake to 6.1 percent and potentially losing more than a half-billion dollars on its investment.