DETROIT, Oct. 21 (UPI) -- Investment billionaire Kirk Kerkorian has begun to divest his portfolio of U.S. automaker Ford Motor Co. shares at a considerable loss, his company said.
Kerkorian's Tracinda Corp. said it had sold 7.3 million shares of Ford stock Monday, The Detroit News reported.
The average selling price was $2.43 per share. Tracinda began buying Ford shares in April at an average price of $6 per share, the Detroit Free Press said.
The company did not give a reason for the sale. But, Tracinda said it intends to sell more Ford shares "depending upon market conditions and available sales prices."
Tracinda still owns 133.5 million Ford shares, about 6 percent of the company, and may sell them all, the News reported.