Billionaire investors, they’re just like us! They buy in too high and then wait until things get really bad to sell. Kirk Kerkorian, who once harbored illusions about saving the auto industry, has sold his final chunk of shares:
Reuters: Tracinda, which briefly ranked as Ford’s (F) largest outside investor earlier this year, said in a regulatory filing in October that it had begun working with bankers to sell the 133.5 million shares of the No. 2 U.S. automaker it still held at that time.
It was not immediately clear when Tracinda had completed those remaining sales of Ford stock.
Back in October when Tracinda announced plans to start selling its stake, its explanation is that it wanted to repurpose its cash into opportunities in gaming, hospitality and oil. Wonder if that’s still the plan.
Biggest Loser: Kirk Kerkorian