Kerkorian unloads GM stock

The Detriot New reports:

Billionaire investor Kirk Kerkorian, in a surprise move, said Tuesday evening he has sold 12 million General Motors Corp. shares, cutting his stake in the troubled automaker to 7.8 percent.

The sale was revealed a week after Kerkorian's private investment firm, Tracinda Corp., and GM failed to reach an agreement that would have given the Las Vegas investor a representative on the company's board.

GM shares fell $1.20, or 5.7 percent, to $19.85 on Tuesday. It was its lowest close since October 1982 and came the same day Toyota Motor Corp. announced production estimates that could allow it to pass GM as the world's No. 1 automaker next year.

GM's stock continued to fall in after-hours trading Tuesday night and could drop further when the market opens and reacts to Kerkorian's stock sale.

Sometimes you make a bad trade and then you want to puke your position?