Billionaire Kerkorian cuts stake in GM Corp
Detroit: Billionaire Kirk Kerkorian's Tracinda Corp. investment firm has sold $462 shares in General Motors Corp. cutting its stake in the company to 7.4 per cent from 9.9 percent.

GM stock fell by almost 5 per cent on the news on the New York Stock Exchange — the biggest one-day drop since October 6 when the automaker rejected an alliance with Renault-Nissan.

On the same day Kerkorian's investment firm announced a tender offer for $825 million worth of stock in MGM Mirage Inc. to raise his stake to almost 62 per cent of the hotel and casino operator.
In a US regulatory filing, Tracinda said it had agreed to sell 14 million GM common shares in a private transaction for $33 per share.
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