DETROIT – Billionaire investor Kirk Kerkorian says his investment firm has sold 7.3 million of its shares in Ford Motor Co., reducing his stake in the automaker to just over 6 percent.
The Las Vegas billionaire has tried to leave his mark on Detroit-based automakers over the past decade. But his investment firm Tracinda says it sees value elsewhere in industries such as gambling, hotels and oil and gas.
Tracinda said Tuesday it intends to further reduce its holdings of Ford common stock and may sell its remaining 133,500,000 shares depending on market conditions.
The 7.3 million shares in the Dearborn automaker were sold at $2.43 a share. That's a dime above Ford's closing price on Monday.