Dissident General Motors Corp. shareholder Kirk Kerkorian is selling another 14 million shares in the troubled automaker, dropping his stake by a third to 4.95 percent for a price of just over $400 million, the Associated Press reports.
The billionaire’s move disclosed Thursday represents an even larger retreat from his ownership of the world’s biggest automaker than previous indications.
The investor’s stock sale was reported even as GM announced it has completed a deal announced in April to sell a 51 percent stake in its finance unit to private investors for about $14 billion.
