As Ford has been coming out of a sales and quality slump for the past several years, the automaker has been gaining more customers and restoring its reputation. As a boost for the auto company, mogul Kirk Kerkorian is investing millions of dollars into the Ford Motor Company to boost its efforts.
Earlier this week, the investor disclosed that he acquired nearly five percent of the automaker’s stake to help Ford once again show a profit. To do this, his Tracinda Corporation investment company made an offer of $170 million for nearly 20 million shares of stock. The shares had a price of approximately $8.50 at the time of the deal.
You might be wondering why a 90-year-old billionaire would want to invest so much money into the Dearborn-based automaker. In the last few years, he’s involved himself in the auto industry by trying to buy Chrysler and invest in other automakers, too. But analysts think he wants people to remember him as one of the main investors who helped the Ford Motor Company, an icon of the United States and the auto industry as a whole, come through its troubled times.
Others say Kerkorian respects the impressive way Ford managed a comeback in such a short time, overcoming its dismal standing to regain a top industry spot. A spokesperson also stated that the investment reinforces the recognition that Alan Mulally earned by doing such a great job in turning the automaker’s situation around.
You might not be able to afford a multi-million-dollar investment in the company, but you can still purchase a vehicle from your local Ford dealer. It’s not only a great investment in Ford but also an ideal investment in your family and your future.
