Kirk Kerkorian further cuts its investment in General Motor stock

Billionaire investor Kirk Kerkorian’s investment firm Tracinda Corp. has said in a statement that they have sold more of their stocks in the automaker General Motors.

Market analysts are now speculating whether he is planning to sell all his stock in the next couple of months.

The company said in a regulatory filing that they are selling 14 million shares in a private transaction for $28.75 a share. This would cut Kerkorian’s stake in the automaker to 4.95 percent.

It is common knowledge that Kerkorian is not happy with the outcome of the Nissan-Renault talks with GM, which failed to generate any collaborative efforts.

GM spokesperson Renee Rashid-Merem said on this new development: “We don’t speculate on the motivations or actions of our shareholders.”

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