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Ford’s Largest Private Shareholder Unloads Stock At Huge Loss

Posted in auto industry, Cars, Detroit, Ford, Newsworthy by Suzanne Denbow | October 21st, 2008 | 1 Response |

Today, Ford’s largest private shareholder, Tracinda Corp, sold 7.3 million shares of Ford Motor Co. common stock at an average of $2.43 per share. Owned by casino mogul Kirk Kerkorian, Tracinda began snapping up Ford stock at $6 a share back in April while maintaining very public support for both CEO Alan Mullally and his floundering Ford. Today’s sale came without an explanation or public forewarning, but an ambiguously worded public statement did explain that “in light of current economic and market conditions, [Tracinda] 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.” Adding insult to injury, Tracinda also revealed that it “intends to further reduce its holdings of Ford common stock, including the possible sale of all of its remaining 133,500,000 shares.”

Not the first crew member to jump ship, Tracinda’s surprise short sale follows in the wake of major staff shake-ups from Ford’s upper tier, including two resignations from board members last week as well as Ford CFO Don Leclair’s sudden retirement announcement, effective November 1.

Source: Freep.com

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