Kerkor "Kirk" Kerkorian - the Armenian-American billionaire and 90 something-year-old president/CEO of Tracinda Corporation has just initiated his own margin call by selling a good chunk of Ford Motor common stock, with the appropriate NYSE symbol of – F.
Kirk, if you would have asked us here at Think Billions, we could have forewarned you about this looooooser of an investment idea. We really would have.
The business press is writing amazing sentences about this portfolio adjustment, such as: “In an apparent vote of no confidence ….. “ Kirk has dumped Ford. You think???
In April “Kirk” began buying shares around $7.73. This week, Kerkorian's investment company, Tracinda Corp., sold over 7 million shares for an average price of $2.43 apiece. Yikes.
Overall, Kerkorian spent about $1 billion to acquire his stake in Ford. Yesterday, that stake was valued at $289.7 million - down 71%. He'll get rid of the rest on the next 5 cent up tick.
