It's always nice to be able to get your company and its investments in the black. Billionaire investor, financier and top GM shareholder, Kirk Kerkorian certainly knows how to make a profit (the key being, of course, a necessary understanding of Step 2) — at least for Tracinda Corporation, his child holding company and its 56 million shares of General Motors stock. Since pushing this whole GM-Renault-Nissan thing on June 30th, GM's stock's risen 7.9% — part of a total 53% gain on the year. That means KirkKerk's Tracinda's net investment of $1.52 billion is now up to around $1.66 billion given GM's close of $29.62 on Wednesday on the NYSE. Not too shabby for a one year investment if you ask us — it pretty much blows our money market fund out of the water. Man, we gotta move our banking.
Tracinda back in black on GM stake [Detroit News]
Related:
More on GM-Renault-Nissan [internal]
DISCUSSION