Billionaire investor Kirk Kerkorian is ditching his stake in
, according to a regulatory filing Tuesday.
Kerkorian's Tracinda Corp. on Monday sold 7.3 million shares of Ford common stock for an average sale price of $2.43 a share, according to the filing with the
Securities Exchange Commission
. The company also intends to further pare its holdings, including possibly selling its entire 133.5 million-share stake, or 6.1%, of the automaker, "depending upon market conditions and available sales prices," it said.
Tracinda said it is talking to an investment bankabout the possible sale.
"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 has, therefore, decided to reallocate its resources and to focus on those industries," the company said in a statement filed with the SEC.
The sale represents a major loss for
, who between April and June had amassed 140.8 million shares in the automaker through a series of stock purchases. The stock closed at $6.30 on June 19; on Monday, it closed at $2.33.
The investor, who owns a stake in
and had made earlier runs at
, had aimed to give Ford "more flexibility in implementing its turnaround process.
This time around, he faces the added complication of targeting a company that is controlled by the Ford family, which holds a 4% stake of special voting stock that controls 40% of the automaker's voting rights.
This article was written by a staff member of TheStreet.com.