Billionaire Kirk Kerkorian Sells Remaining Stake in Ford

Billionaire Kerkorian Sells Remaining Stake in Ford

Billionaire investor Kirk Kerkorian has sold his remaining stake in Ford Motor after betting over $1 billion in a rebound by the auto maker.
Kerkorian's pullout from Ford completed a costly retreat for the activist investor, who has a mixed track record with investments at all three Detroit-based automakers.
A spokesman for Ford could not immediately be reached for comment.
Kerkorian, 91, previously held a nearly 10-percent stake in General Motors [GM 3.59 -0.07 (-1.91%) ] and made a failed bid for Chrysler last year.

Kirk Kerkorian is one of the 400 richest Amerucans.
Last year's biggest gainer is one of this year's biggest losers. Slumping casino industry has pushed his 52% stake in gambling giant MGM Mirage—worth $14 billion in October—to a mere $5 billion. Company's stock fell 65% between October and June, volatile since. Another poorly performing investment: Ford. Tracinda Corporation is Kerkorian's Investment vehicle.