Top GM Shareholder Kerkorian Dumps All of His Stock

December 1st, 2006 by William

Billionaire investor Kirk Kerkorian, who was the leading individual stock holder in GM, sold off 28 million shares of General Motors Corporation stock today in a move that shocked many but was foreseeable to some in the automotive world. Kerkorian had been trying hard to turn the tumbling automotive giant around by pushing hard for an alliance with Nissan and Renault. It appears that when the merger failed to go through Kerkorian decided it was time to bail out.

At his peak Kerkorian held a 9.9 percent stake in the company. With no love lost between GM’s CEO Rick Wagoner and Mr. Kerkorian many people speculate that the top executives at General Motors are celebrating Kerkorian’s departure. After an initial hit, GM stock prices have recovered and are holding steady around $29.50 a share (charts). The buyer of the stock is said to be Bank of America Corp who purchased roughly 28 million shares of GM stock all though they have not officially disclosed who sold it to them.

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-Bill Mertz

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About William

I am a twenty something car enthusiast. I spend most of my days working in a small restoration shop in Northern California that specializes in vintage Alfa Romeos. I also manage to do some freelance writing for a handful of automotive publications. When I'm not at the shop I can usually be found working on one of my own project cars, out driving on a good windy road or good jeep trail. Despite what my girlfriend says cars aren't what defines me, they are only what I do. When I have a chance I also love to go camping, play sports or generally do any type of outdoor activity. I don't take myself to seriously, so I hope you don't either.

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