Tracinda facts for kids
| Founded | 1976 |
|---|---|
| Founder | Kirk Kerkorian |
| Headquarters | |
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Key people
|
Anthony Mandekic (President and CEO) |
Tracinda Corporation was an American company that invested in other businesses. It was owned by a famous investor named Kirk Kerkorian. Tracinda's main office was in Las Vegas, Nevada. The company's name came from Kerkorian's daughters, Tracy and Linda.
Contents
Exploring Tracinda's Investments
Tracinda Corporation was known for buying parts of big companies. This means they would own a small piece of a company, hoping it would grow in value. One of their biggest investments was in MGM Resorts International. This company owns many hotels and casinos.
Tracinda's Early Business Deals
Tracinda used to own ten percent of General Motors. This is a very large company that makes cars. Tracinda sold all of its shares in General Motors in November 2006.
In April 2007, Tracinda tried to buy another car company called Chrysler. They offered $4.5 billion for it. This news made the value of Chrysler's shares go up a lot. However, Tracinda's offer was not accepted. Chrysler was later sold to a different company. Kirk Kerkorian had also tried to buy Chrysler back in 1995, but that attempt also failed.
Investing in Ford Motor Company
In May 2008, Tracinda wanted to buy more shares in Ford Motor Company. They offered to buy 20 million shares at $8.50 each. A share is a small piece of ownership in a company. Tracinda successfully bought these shares.
However, Tracinda later sold many of its Ford shares. In October 2008, they sold over 7 million shares. By December 2008, Tracinda had sold all of its remaining shares in Ford.
Changes at MGM Resorts International
In May 2009, MGM Mirage, the company Tracinda had invested in, offered new shares for sale. This was a way for MGM to raise money. After this, Tracinda and Kirk Kerkorian owned less of MGM Mirage. Their ownership went from 53.8 percent down to 39 percent. This meant they were no longer the main owners.
The Legacy of Kirk Kerkorian
Kirk Kerkorian, the founder and owner of Tracinda Corporation, passed away on June 15, 2015. He was 98 years old.
After his death, Tracinda followed instructions from his will. A will is a legal document that explains what someone wants to happen to their property after they die. In September 2019, MGM Resorts announced that Tracinda had sold all of its remaining shares in the resort company. This was done to follow Kirk Kerkorian's wishes.
