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
Kirk Kerkorian is changing lanes, pulling his money from Ford to invest in oil and gas.   (AP Photo/Rogelio Solis, FILE)
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(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.