Filed under: Ford, Earnings/Financials
Kerkorian unloads rest of Ford stock
Back in June, Kirk Kerkorian, billionaire investor and auto industry meddler, bought up 140.8 million shares in Ford Motor Company at $8.50 a pop, gaining a 6.49% stake in the automaker and becoming the largest single shareholder outside of the Ford family. By October, FoMoCo stock was hovering around $2.50 a share and Kerkorian's investment firm, Tracinda Corp., decided that it was time to unload a chunk of the stock. At the end of the day, Tracinda held onto 133.5 million shares and lost some $44 million, and less than a week later dropped another 26.4 million shares. Today, Kerkorian sold off the rest of his stock, with FoMoCo shares selling for just $2.22. While none of this comes as a surprise (Tracinda talked about selling off the remaining shares when it began unloading in October), analysts contend that the fire sale has less to do with Kerkorian's confidence in Ford (Mr. K has continued to applaud Ford CEO Alan Mulally), and more to do with Tracinda's declining MGM Mirage shares.[Source: Detroit Free Press]
Reader Comments (Page 1 of 1)
snp 5:28PM (12/29/2008)
It takes a true genius to become a billionaire off these buy high sell low trades.
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snp 5:28PM (12/29/2008)
We come into this world, born with nothing. Leave this world, die with nothing. Mr K is getting a headstart now before his century long life ends.
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Frank 5:33PM (12/29/2008)
The world's ugliest man and soon to become the worlds poorest man!
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TyWright 5:36PM (12/29/2008)
Go away Kerkorian. Please.
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snp 5:40PM (12/29/2008)
seeing how others are joining in now....
This is a picture of a sad kermit the frog who lost his green.
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Matt 6:04PM (12/29/2008)
The maker of the best-selling truck in American seemed like a good match for Magneto -- I'm not sure why he'd do this.
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Evotec 6:37PM (12/29/2008)
That guy has enough money,why wont he retire?
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Reader 6:56PM (12/29/2008)
Different type of personality. People like him don't often retire.
Luke 12:49AM (12/30/2008)
He can't. They get stuck doing only what makes them money. Their money brings them no pleasure and they can't spend any of it on anything because any of the pleasure that the purchased item would have brought is swallowed up in the pain of spending any of the billions of dollars that they have slaved all their lives to make.
It's sad. Stay poor and happy. : ) > $
Mr. Blake 7:03PM (12/29/2008)
From the posts above, I see how people hate people who have money.
You don't even know the guy.
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elprogramer 1:28AM (12/30/2008)
^He's a meddler trying to force mergers and business plans on Ford and General Motors for years.
He's the little voice that says "Go Long" when it's 4 and 1.
Justin 4:19PM (12/30/2008)
why are you so surprised Mr. Blake?
This blog is somewhat left wing biased even though they enjoy writing about all the wonderful cars that capitalism created which the right often champion.
Even worse, the more vocal part of the reader in this blog is more liberal than most as well.
It makes these financially poorer people (primarily liberals or unions) happy when they see billionairs lose a lot of money. A lot of them are still in denial of the fact that it's pertty much the unions that killed the american auto industry.
Levi 11:32AM (1/01/2009)
If there's anything this blog is NOT, it's left-wing biased. And don't try to say that the left doesn't support capitalism. Democrats are NOT socialists no matter how much conservative media wants you to believe it.
Boomie 5:17PM (12/30/2008)
Damn an 800 billion dollar hit oooowie.
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