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Billionaire Kirk Kerkorian's investment firm said Tuesday it sold part of its stake in Ford Motor Co., taking millions of dollars in losses on the investment and marking an abrupt about-face from the optimistic expectations he had for the automaker just four months ago.
Ford investors flocked to Kirk Kerkorian's offer to buy 20 million additional shares of the company, a move that will help the billionaire investor increase his stake in the automaker to about 5.5 percent.
Billionaire Kirk Kerkorian plans to make an offer that would expand his stake in Ford Motor Co. to 5.6 percent, saying he sees signs that the automaker's turnaround plan is working.
Billionaire investor Kirk Kerkorian, making another attempt to shape the U.S. automotive industry, disclosed Monday that he had acquired a 4.7 percent stake in Ford Motor Co. and hoped to boost his holdings as the company tries to return to sustained profitability.
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