Billionaire GM Shareholder Decreases His Stake

Washington DC December 21, 2005; The AIADA newsletter reported that General Motors billionaire shareholder Kirk Kerkorian has sold 12 million shares this month, reducing his stake in the automaker from 9.9 percent to 7.8 percent. Kerkorian has pressed GM for greater input over its operations and representation on the board, reports The Associated Press. Yesterday, GM’s shares dropped to their lowest point in 15 years, down 5.7 percent to $19.85.