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According to WSJ Kirk Kerkorian's Tracinda Corporation "no longer owns any shares in Ford, a spokesperson for the investment arm said Monday. Tracinda, which sold 7.3 million shares of Ford common stock in October, had said it might continue dumping its holdings through the end of the year. Mr. Kerkorian had about 133.5 million shares remaining."
AFP reports slightly different numbers about Kirk Kerkorian's share in Ford. "Tracinda sold 7.3 million shares of Ford common stock in October for an average price of 2.43 dollars per share -- representing a huge loss for Kerkorian -- and said it was considering divesting its entire stake through the end of the year.
"Tracinda had about 133.5 million shares remaining, or a 6.09 percent stake, in the loss-making automaker."
Interestingly Forbes-reported numbers are different from WSJ and AFP. "Kerkorian's investment firm Tracinda said it sold its remaining 4.6% stake in Ford Motor (nyse: F - news - people ), after aggressively acquiring the car company's stock earlier in the year. Tracinda will return its focus to its gaming and hospitality investments, closing the book on an ill-fated adventure in the automotive industry. Since April 28, when Kerkorian bid for 1.0% of Ford's float and disclosed an existing 4.7% stake, shares of the automaker have plunged nearly 75.0%, as the U.S. economy stalled and consumers tightened their purse strings."
Ford said on December 19 that a comprehensive restructuring plan it presented to Congress would allow it to return to profitability by 2011.
Posted December 29th, 2008 by Armen Hareyan
