Billionaire Kirk Kerkorian’s Tracinda Group has sold 26.4m Ford shares for an average of US$2.01 each in the period 21-27 October, it said in an SEC filing.

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That leaves the firm with about 4.89% of Ford’s stock.


Kerkorian’s investment company said last week it had sold part of his 6.5% shareholding in Ford and could sell the rest of the stake.


In a statement, Tracinda Corporation said it would reduce the Ford holding and focus on other sectors “in light of 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,” the statement added.


Kerkorian reportedly had spent more than US$1bn for his stake, paying an average price per share close to $7.10.

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