Kirk Kerkorian to sell 14 million shares of General Motors

Kirk Kerkorian to sell 14 million shares of General Motors

General Motors might be in some trouble as billionaire investor Kirk Kerkorian is reportedly planning to sell off 14 million shares of its stock this week.

This was mentioned in a Kerkorian’s Tracinda Corp. filing with the federal Securities and Exchange Commission. The company said that they have reached agreement on Monday to sell the shares at $33 each in a private transaction.

Kerkorian now owns around 56 million shares of General Motors, which comes to around 9.9 percent of the company. After the transaction, he would be reducing his stake to 42 million, or 7.4 percent of the company’s 565.5 million outstanding shares.