Kirk Kerkorian Sells Ford Shares

EmploymentCrossing.com Billionaire financier Kirk Kerkorian is foregoing the stake he took in Ford Motor Co. just six months ago, selling 7.3 million shares at a third of his original purchase price. Kerkorian might sell his remaining 133.5 million shares, which represent a 6% stake in the automaker. Kerkorian's investment firm, Tracinda, revealed in a filing with the SEC on Tuesday that he had sold those shares Monday for an average of $2.43. He originally purchased 140 million shares for an average price of just over $7 a share. Ford had limited comment on the filing. Ford spokesman Mark Truby said, "We remain confident and focused on our plans to transform Ford into a growing and profitable auto company." At the time Kerkorian announced his tender offer in April, he gave Ford management a tremendous vote of confidence, saying that despite the difficult economic outlook he had faith in a turnaround at the automaker. But since April, Ford and other automakers have been hammered by both high gas prices and tighter credit, which made it difficult for consumers to find the financing they needed to buy cars. Mr Kerkorian's investment vehicle Tracinda Corporation, which held the shares, said today it was reallocating its resources to focus on gaming, hospitality, oil and gas industries where it sees value in light of current economic and market conditions.

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