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NEW YORK (CNNMoney.com) -- Financier Kirk Kerkorian is pulling out of the stake he took in Ford Motor Co. just six months ago, selling 7.3 million shares at a fraction of his purchase price.
Kerkorian's investment firm, Tracinda, revealed in a filing with the Securities and Exchange Commission Tuesday that he had sold those shares Monday for an average of price of $2.43, and that he was looking to possibly dump his remaining 133.5 million shares, which represent a 6% stake in the automaker.
Ford (F, Fortune 500) shares closed Monday down 7 cents to $2.33. Shares were off another 7 cents in pre-market trading following the announcement.
Ford had limited comment on the filing.
"Questions about specific investment decisions should be addressed to Tracinda," said Ford spokesman Mark Truby. "We're remain confident and focused on our plans to transform Ford into a growing and profitable auto company."
Kerkorian announced in April that he had bought 100 million shares for an average price of $6.91. He then announced a tender offer under which he paid $8.50 a share for an additional 20 million shares. In addition he bought another 22.3 million shares between late April and mid-June at an average price of $6.54 a share, giving his total investment an average price of just over $7 a share.
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