Kerkorian Sells Remaining Ford Stake

Detroit, MI (AHN) - Billionaire investor Kirk Kerkorian's Tracinda Corp. said on Monday its remaining stake of Ford Motor Co. has been sold, according to recent reports.

It is not clear when the remaining stake was sold, but the Tracinda Corp. confirmed it has exited the entire Ford position, according to CNBC commentary.

Tracinda Corp. was Ford's largest outside investor earlier this year, holding 140.8 million shares. However, the firm sold off 7.3 million shares in October and said it may exit the entire position over the coming months.

It is likely Kerkorian took a substantial loss on the investment as the average purchase price of the Ford stake was $8.50 a share.

Ford shares have declined more than 50 percent over the past year as the automakers have seen sales decline severely as the economy fell into recession and the credit markets nearly froze.

Kerkorian had previously made successful investments in automakers, most recently with General Motors. The billionaire investor owned roughly 10 percent of GM a few years back that provided positive returns.

Shares of Ford are trading 4.8 percent lower to $2.18 a share in late afternoon action.