Billionaire investor Kirk Kerkorian has made a paper profit of $US 100 million in a little over a month after his tender offer for shares in General Motors, the Daily Telegraph reported.

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The paper noted that Kerkorian’s Tracinda investment vehicle bought 18.9 million shares in early June, although the amount fell short of his hoped-for target of 28 million shares. He paid $31 for each.


But after a month of largely positive news from the car maker, and an upgrade last week from Lehman Brothers, the stock stood at $36.74, giving him a profit of $108.5 million on his original $585 million layout, the report said.


Kerkorian reportedly owns a further 20 million shares but it is not clear how much he paid for that stake. In total he holds about 7% of GM, the Telegraph added.

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