The sell off happened in two stages on Thursday. Yesterday morning it was reported that Tracinda sold 14 million shares of GM stock, reducing its stake in GM to 4.95%. This news came just a week after Tracinda announced it had reduced its stake from 9.9% to 7.4%.
Late yesterday evening, however, the Wall Street Journal reported online that Tracinda unloaded its remaining 28 million shares in GM. Unfortunately, no one has been able to confirm if the last sell off is actually true and Tracinda Corp. has declined to comment. We'll have to wait until the sun rises on Wall Street to see how the news of Kerkorian's pull out affects the market, as well.
We'll keep you updated as soon as a confirmation one way or the other is released.
[Source: Automotive News]