Kerkorian sells last of Ford shares

Once Ford's biggest outside investor, Kirk Kerkorian is no longer involved with Ford after selling his remaining 100 million+ shares--a 4.89 percent share--to end his relationship with Ford.

From the Associated Press:

Ford spokesman Mark Truby declined to comment on Kerkorian’s withdrawal and said the company “remains completely focused on executing our transformation plan.”

Kerkorian first said in April he would raise his existing stake in Ford to 5.6 percent, offering a 13.3 percent premium over the share’s existing price. The offer came just days after the automaker posted a surprise $100 million first-quarter profit.

Again, not a surprise with the way things are going. When it was tabulated as to what amounts Kerkorian bought in and when he sold, the estimated loss for the 91 year old billionaire is at approximately 650 million. Now that's a bad day.

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