Although not in as tight a position, 91 year old billionaire Kirk Kerkorian has sold part of his stake in the Ford Motor Company and may divest his remaining shares
The Tracinda Corporation, Kerkorian’s investment company, said this morning that it sold 7.3 million shares of Ford on Monday at a huge loss and intended to further reduce its remaining 6.09 percent stake.
In a statement, Tracinda said that “current economic and market conditions” and other investment opportunities — in gambling and energy — led to its decision on Ford.
“Tracinda also stated that it intends to further reduce its holdings in Ford common stock,” the company said. “Including the possible sale of all of its remaining 133.5 million shares, depending on market conditions and available sales prices.”
When you get the likes of Redstone and Kerkorian taking huge hits, you know this is a serious downturn. These guys have seen a lot, but they obviously aren't up to date on business cycle theory, or they would have been protecting themselves in July at much higher prices.
