Billionaire investor Kirk Kerkorian today sells 7.3 million shares inMotor Co. common stock, reducing his stake in the troubled auto maker from 6.43% to 6.09%, The Wall Street Journal reports.
Kerkorian's Tracinda Corp. investment firm in a statement says the sell-off was in response to deteriorating market conditions.
“Tracinda Corp. today announced that in light of current economic and market conditions it sees unique value in the gaming and hospitality and oil and gas industries, and therefore, decided to reallocate its resources and to focus on those industries.”
Tracinda sold its shares for an average sales price of $2.43 per share, says a filing with the U.S. Securities and Exchange Commission.
Kerkorian in April began buyingshares for more than $6 per share. Recently, the auto maker's common stock has dipped below $2 per share.
Tracinda is considering selling its remaining 133.5 million shares in Ford, The Journal says.