wow. Some guy might lose nearly $1 BILLION from stock market

[C khid]

Being a billionaire isn't as much fun as it used to be. Just ask investor Kirk Kerkorian, the investor and casino magnate.

Kerkorian plunked down $1 billion in Ford Motor in the spring, ending with a 6.4% stake in the automaker. In a bit more than four months, he's seen more than two thirds of the value of that investment vanish as Ford and all the automakers have struggled with high gas prices and the crummy economy.

Monday, he said "no mas." In a Securities and Exchange Commission filing, he said he sold 7.3 million shares of Ford at $2.43 a share. And he may sell the rest.

Here's how the math works.

Kerkorian's Tracinda Corp. bought 100 million shares of Ford in April at $6.91 a share. He bought another 20 million shares at $8.50 and added 22 million shares on top of that at $6.54. Total investment: $1.007 billion.

He realized $17.7 million on this week's sale. Ford was selling for $2.22 a share Tuesday morning, which means Kerkorian's remaining stake is worth $317.4 million. So, combining what he did sell with the market value of what's left, his loss is now $689.4 million -- 68.4%.

In fact, 2008 has been very very bad to the 91-year-old financier. His net worth was estimated at $11.2 billion by Forbes magazine in September; it's now much less than that.

Shares in his best-known holding, MGM Mirage, have fallen 85% in the last year, cutting the value of Kerkorian's shares from almost $15 billion to $2.2 billion -- a loss of $12.7 billion. MGM Mirage is Las Vegas' largest casino company, ranked by hotel rooms. The problem: a weak economy that has slammed business in Vegas.

Plus, his stake in Delta Petroleum has fallen 68.3% since December 2006, leaving Kerkorian with a loss on paper approaching $752.9 million. Worse, as the New York Post noted, he had to put all those shares up as collateral five months ago to get a $600 million credit line from Bank of America. The problem: falling oil prices.

But at least he could get a credit line.

[C khid]

wow. 1 Billion...................... that's crazy.. makes me feel a lot better about 2008 losses realistically

but dag.......... he's pulling out... to me if he pulls that means Ford would have to crash or something............. i know mad people will pull out if he sells all

[Stink_Pink]

Funny u posted this. I know someone who just bought 6000 shares of Ford Stock but is in it for the long run. Its in the $2 range but imagine if it goes up to $4 or $6...nice lil cushion.

Now this dude has taken a beating. I can understanding him wanting to pull out, but he needs to wait it out some more.

Lets see what happens with this Chrysler and GM merger. Tens of thousands of jobs will be loss in Michigan. I don't know how the stocks will play out.

[C khid]

man i'm thinking Ford is going to collapse

the US market is pretty much done and they can't go up against the competition

who even talks about Fords anymore?

[Keep Em Broke]

Originally Posted by Stink_Pink Funny u posted this. I know someone who just bought 6000 shares of Ford Stock but is in it for the long run. Its in the $2 range but imagine if it goes up to $4 or $6...nice lil cushion. Now this dude has taken a beating. I can understanding him wanting to pull out, but he needs to wait it out some more. Lets see what happens with this Chrysler and GM merger. Tens of thousands of jobs will be loss in Michigan. I don't know how the stocks will play out.

See thats what Im sayin!! Dude is hellllllllllllllllllla stupid cos all he had to do was not touch the money for 5 years or more and he woulda been good. Now he already sold his shares its too late. SMH

[Keep Em Broke]

Originally Posted by SJ x KaC man i'm thinking Ford is going to collapse the US market is pretty much done and they can't go up against the competition who even talks about Fords anymore?

what about mustangs?

crown victorias are used for every police department in the country and canada and they gotta get new ones every 70,000 miles.

the ford trucks are cool too like the F-150,250,350 etc

i think if they downsized and just made those three models they might actually be okay!

[Stink_Pink]

Ford announced a huge 3rd quarter lose and will cut another 10% of workforce. BUT..... Analyst are saying when the gov't steps in the stocks will jump to 47/share. For the person I know....that's almost 300k off initial 12k investment.

[C khid]

have to justify that bailout

.........................................and Americans prefer cars from other places anyway

Ford is late on eco-friendly technology

it will only be so long before they go broke again imo

[SoJones]

Just wanted to remind everybody that the SKUNK WEAR Giveaway is underway!

Three lucky winners will win a hot SKUNK Wear tee, including a limited edition DJ AM-tribute tee.

Just post a comment on the forum until October 16, 2009 and you can win! US residents apply.

~SoJones

[SoJones]

Elusion Clothing Giveaway underway!

From Oct 20 to Nov 3 you can win fresh gear from ELUSION.

Stop by their Giveaway page for more info on how to enter the contest: Streetwear Spotlight: Elusion Clothing

Winners will be draw on Nov 4, 2009 and will be announced through the FORUMS and the CONTEST PAGE

So get on it before it ends!