Tracinda Corporation is an American private investment corporation that was owned by the deceased
Kirk Kerkorian
Kerkor Kirk Kerkorian (; June 6, 1917 – June 15, 2015) was an American businessman, investor, and philanthropist. He was the president and CEO of Tracinda Corporation, his private holding company based in Beverly Hills, California. Kerkorian ...
. Its major investments included a minority interest of
MGM Resorts International
MGM Resorts International is an American Multinational corporation, multinational hospitality, sports and entertainment company. It operates resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, New Jersey, Macau, Shanghai, ...
. Tracinda is headquartered in
Las Vegas
Las Vegas, colloquially referred to as Vegas, is the most populous city in the U.S. state of Nevada and the county seat of Clark County. The Las Vegas Valley metropolitan area is the largest within the greater Mojave Desert, and second-l ...
,
Nevada
Nevada ( ; ) is a landlocked state in the Western United States. It borders Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. Nevada is the seventh-most extensive, th ...
. The company was named after Kerkorian's daughters, Tracy and Linda.
History
Tracinda formerly owned ten percent of
General Motors
General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing f ...
; it sold all of its stock in November 2006.
Tracinda offered $4.5 billion to buy
Chrysler
FCA US, LLC, Trade name, doing business as Stellantis North America and known historically as Chrysler ( ), is one of the "Big Three (automobile manufacturers), Big Three" automobile manufacturers in the United States, headquartered in Auburn H ...
on April 5, 2007, causing the shares of
DaimlerChrysler
Mercedes-Benz Group AG (formerly Daimler-Benz, DaimlerChrysler, and Daimler) is a German multinational automotive company headquartered in Stuttgart, Baden-Württemberg, Germany. It is one of the world's leading car manufacturers. Daimler-B ...
to soar 5.3%. Ultimately, the bid failed and Chrysler was sold to
Cerberus Capital Management
Cerberus Capital Management, L.P. is an American global alternative investment firm with assets across credit, private equity, and real estate strategies.Leaders Magazine"Providing Economic Opportunity: An Interview with The Honorable Dan Qua ...
.
Kerkorian also 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.
On December 29, 2008, Tracinda sold his remaining shares in
Ford Motor Company
Ford Motor Company (commonly known as Ford) is an American multinational corporation, multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. T ...
.
In May 2009, following the completion of a $1 billion stock offering by MGM Mirage, Kerkorian and Tracinda lost their majority ownership of the gaming company, dropping from 53.8 percent to 39 percent and, even after pledging to purchase 10 percent of the new stock offering, they became minority owners.
Kerkor "Kirk" Kerkorian died on June 15, 2015, at the age of 98.
On September 16, 2019, MGM Resorts announced that Tracinda informed the company that it had disposed of its stake in the resort company following instructions left in Kerkorian's Will that upon his death Tracinda was supposed to dispose of its interest in the resort company in a timely manner.
References
Companies based in Los Angeles County, California
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