Kerkorian Dumping Ford Shares

LOS ANGELES — Kirk Kerkorian, the billionaire investor and gaming magnate who has dabbled for years in the stocks of U.S. automakers, said Tuesday that his Tracinda Corporation has begun dumping its shares of Ford Motor Company.

Tracinda, which still holds slightly more than 6 percent of the auto company, sold 7.3 million shares of Ford stock on Monday, at an average price of $2.43 a share. Earlier this year, it announced a tender offer to purchase 20 million shares for $8.50 each.

Kerkorian's investment arm said it may sell all of its remaining 133,500,000 shares of Ford stock, "depending upon market conditions and available sale prices," and has contacted an investment bank to handle the possible share sale.

Outside the Ford family, Kerkorian remains the largest individual shareholder in Ford, which posted an $8.7 billion loss in the second quarter.

Previously, Kerkorian bought, then sold, significant stakes in Chrysler Corporation, before its acquisition by Daimler-Benz, and in General Motors.

Inside Line says: Does this seasoned investor see the handwriting on the wall?