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Tracinda sells 7.3 million shares of Ford Motor, says more sales likely
By Lisa Kerner
Charlotte, N.C., Oct. 21 - Tracinda Corp. sold 7.3 million shares of Ford Motor Co. common stock on Oct. 20 at an average price of $2.43 per share in a bid to reallocate its resources in the down market.
The investor said it will further reduce its Ford holdings and may sell all of its remaining 133.5 million shares, which represent about 6.09% of the Dearborn, Mich.-based automaker's stock.
Tracinda's focus will now be on the gaming and hospitality and oil and gas industries, a company statement said.
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