Kerkorian dumps all GM shares

Billionaire Kirk Kerkorian apparently sold his entire remaining stake in General Motors Corp. on Thursday, ending a drama that could have reshaped the global auto industry but concluded with the 89-year-old activist shareholder walking away with little or no profit.

The Wall Street Journal, citing a source close to the situation, reported Thursday night on its Web site that Kerkorian had sold his remaining 28 million shares, giving up all ownership of GM stock.

No Securities and Exchange Commission filings yet show the sale, but a note sent by a leading Wall Street investment firm also speculated that Kerkorian sold the rest of his GM stock.

Earlier in the day, Tracinda Corp., Kerkorian's investment firm, filed a document saying it had sold 14 million shares, bringing its GM stake to 28 million shares, or 4.95%.

Later in the day, a transaction involving 28 million shares of GM stock at $29.25 moved on the New York Stock Exchange, according to Merrill Lynch auto analyst John Murphy.

"It appears that Kerkorian may now be out of his entire GM position," Murphy wrote. Detroit Free Press