A Caricature of Kirk Kerkorian, the Armenian-American Billionaire

Armenian – American billionaire Kirk Kerkorian has sold off some of his stake in Ford Motor Co. owing to the recent recession in the auto industry which reduced the value of his holding in the company by two-thirds.

Kirk Kerkorian’s investment firm Tracinda Corp. sold 7.3 million shares at an average price of USD 2.43 per share on 20th October. The investment firm is believed to have consulted an investment back for unloading the rest of the holding as well. Tracinda’s remaining 133.5 million shares have been valued at USD 311.1 million as on 20th October.

Kerkorian, who is 91 years old now, was forced to act on the continuously falling share price of America’s second largest automaker and take this decision to reduce Tracinda’s holding in Ford Motor Co. Tracinda intends to further sell off more shares of Ford Motor Co. to concentrate on businesses like gambling, hotels and energy which are its strengths.

Related Links:

• http://en.wikipedia.org/wiki/Kirk_Kerkorian
• Kerkorian Cuts Ford Stake, May Exit as Bet Collapses (Update1)
• Kirk Kerkorian Sells Ford Shares