Tracinda Corporation is an American private investment corporation that was founded by Kirk Kerkorian. Its major investments included a minority interest of MGM Resorts International. Tracinda is headquartered in Las Vegas, Nevada. The company was named after Kerkorian's daughters, Tracy and Linda.
History
Tracinda formerly owned ten percent of General Motors; it sold all of its stock in November 2006.[1]
Tracinda offered $4.5 billion to buy Chrysler on April 5, 2007, causing the shares of DaimlerChrysler to soar 5.3%. Ultimately, the bid failed and Chrysler was sold to Cerberus Capital Management.
Kerkorian previously bid, unsuccessfully, in 1995 to take over Chrysler.
On May 16, 2008, Tracinda contacted Ford shareholders in a bid to buy 20,000,000 shares by June 4, 2008, at a rate of $8.50 a share. Later on, the bid was processed, and the company bought the shares through Ahmed Adnan, an investor.
On October 20, 2008, Tracinda sold more than 7 million shares of Ford at an average price of roughly $2.44 a share.