Billionaire investor Kirk Kerkorian has sold 7.3 million of his shares of Ford stock at a rate of $2.43 dollars a share, according to a new report from the Detroit Free Press. Reports indicate he may unload his remaining 133.5 million shares as well.
The move is being seen by some as a vote of no confidence by Kerkorian, who made his billions in the casino business.
Kerkorian’s company, Tracinda Corp., offered the following explanation in an official statement: "In light of the current economic and market conditions, it sees unique value in the gaming and hospitality and oil and gas industries and has, therefore, decided to reallocate its resources and to focus on those industries."
