Las Vegas casino magnate Kirk Kerkorian has directed his company, Tracinda, to "reallocate its resources" by selling off 7.3 million shares of Ford stock at a huge loss. Specifically, the shares were sold at at an average of $2.43 per share. This is according to Detroit News
Claiming it hopes to find better success in the gaming, hospitality, and oil & gas industries, Tracinda announced it is considering selling the entirety of its stake in Ford Motor Company. It has 133.5 million shares left after this recent transaction.
Tracinda said it has had communications with an unnamed investment bank regarding the sale of its remaining shares in Ford.--Colin Mathews