Would the last big investor to unload a big stake in Ford (NYSE: F) please hit the lights on the way out? In a press release accompanying a filing with the SEC, Kerkorian's investment vehicle, Tracinda, said it had sold 7.3 million shares because it sees "unique value in the gaming and hospitality and oil and gas industries and has, therefore, decided to reallocate its resources and to focus on those industries." Kerkorian was careful to hedge his language in the filing not to sound overly pessimistic about the company's future; he still has another 133.5 million shares, or 6.1% of the company, that he'll have to find something to do with.

As recently as June, Kerkorian was buying shares of the company, back when the stock was trading at considerably more than three times its current price.

It's interesting that there is an established history of prominent activist investors getting interested in the big Detroit automobile manufacturers and then throwing in the towel in short order. Kerkorian had just such an experience with General Motors (NYSE: GM) two years ago, and so did Carl Icahn back in 2000.

There's a hint in here for small investors tempted by the beaten down car companies: more than a few brilliant investors have kicked the tires but quickly lost interest.

Get the latest on cars and trucks
from Ford and all brands at AOL Autos.