Tracinda Corp led by Billionaire investor Kirk Kerkorian has cut its stake in General Motors from 9.9% to 7.4%, a month after Kerkorian's ally Jerry York resigned from GM’s board. Tracinda sold $462 million worth of the carmaker’s stock, which equates to roughly 14 million shares.
Kerkorian was one of the key backers for the alliance with Renault-Nissan but after this fell through, it’s believed that he has lost confidence in the firm. He and York secretly arranged the negotiation with Renault-Nissan, letting GM CEO Rick Wagoner find out via a private letter that was also released to the public. The move supposedly ticked off Wagoner, who was said to be against the alliance from the start.