Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Uproar After NC State Agent 'Fixes' Girl's Lunch Preschooler has to eat chicken nuggets instead of mom's meal »

Kerkorian Pulls Out of Ford

Biggest non-family stockowner begins dumping stake, looks to energy instead

By Clay Dillow,  Newser Staff

Posted Oct 21, 2008 8:46 AM CDT

(Newser) – Billionaire investor Kirk Kerkorian, an old hand at investing in Detroit, began his Ford escape today, selling 7.3 million shares of common stock in the company at $2.43 per share, the Wall Street Journal reports. As recently as February Kerkorian was building his stake in the embattled automaker, offering $8.50 a share in an effort to add 20 million to the 100 million he already held.

Kerkorian’s investment company, Tracinda, intends to further reduce its ownership in Ford, possibly dealing away all of its 133.5 million shares—6.09% of the company—to invest in other ventures like oil and gas. Ford lost $8.7 billion in the second quarter of this year, and another substantial loss is expected for the third quarter.

Kirk Kerkorian is changing lanes, pulling his money from Ford to invest in oil and gas.
Kirk Kerkorian is changing lanes, pulling his money from Ford to invest in oil and gas.   (AP Photo/Rogelio Solis, FILE)
Kirk Kerkorian, citing better opportunities elsewhere, is pulling his money from Ford Motor Company.
Kirk Kerkorian, citing better opportunities elsewhere, is pulling his money from Ford Motor Company.   (AP Photo/Kevork Djansezian, file)
American Finance magnate Kirk Kerkorian is pulling out of Ford, citing better investment opportunities in oil and gas.
American Finance magnate Kirk Kerkorian is pulling out of Ford, citing better investment opportunities in oil and gas.   (AP Photo/Kevork Djansezian, File)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Automakers Pushing 'Connected' Cars

Ford Recalls 129K Cars: Wheels Might Fall Off

Car Sales Jumped 14% Last Month

End of an Era: Last Crown Vic

Ford, Toyota Join Forces on Hybrid System


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne