SOUTHFIELD, Mich. — Billionaire Kirk Kerkorian said he is selling 14 million more General Motors Corp. shares, and a trade made after the announcement suggested he may have sold his entire GM holdings.

Mr. Kerkorian’s Tracinda Corp. said in an American regulatory filing yesterday that it agreed to sell the shares on Friday in a private transaction for $28.75 each, or a total of $402.5 million. That will reduce his holdings to 28 million shares, or 4.95%. A trade equal to that remaining stake occurred this afternoon. The Wall Street Journal reported he sold his entire stake, citing a person familiar with the transaction.

“It sure looks like an exit strategy to me because he’s selling a considerable amount of his shares for a loss,” said David Healy, an analyst for Burnham Securities in Sierra Vista, Ariz., who doesn’t rate GM and owns its shares. “I hope he sells his entire position so we can get back to watching GM instead of watching Kirk Kerkorian.”

A spokeswoman for Los Angeles-based Tracinda, Carrie Bloom, declined to comment on the Wall Street Journal report.

Mr. Kerkorian, 89, held 56 million shares in October when Detroit-based GM turned down his proposal for a link with Carlos Ghosn’s Nissan Motor Co. and Renault SA. The sale announced yesterday follows a 14 million-share transaction disclosed November 22. Mr. Kerkorian was GM’s second-biggest shareholder before last week’s sale.

Data compiled by Bloomberg show that Bank of America Corp. posted a notice at 2:42 p.m. New York time of completing a transaction of 28 million GM shares, equivalent to Mr. Kerkorian’s remaining stake.

An outside shareholder with less than a 5% stake wouldn’t have to disclose sales, a U.S. Securities and Exchange Commission spokesman, John Nester, said.

Mr. Kerkorian used Bank of America to help fund a $263 million purchase of 12 million GM shares in January. He disclosed on September 1, 2005, that the bank granted him a $400 million credit line, and he pledged his GM holdings as collateral at that time.

GM shares fell 27 cents to $29.23 at 4:20 p.m. in New York Stock Exchange composite trading, with 87.3 million shares changing hands. The stock has gained 51% this year. It has fallen 10% since the day before Mr. Kerkorian first disclosed a sale of his shares.

GM, the world’s biggest automaker, has struggled to lift its American sales of cars and light trucks, which fell 9.4% in this year’s first 10 months. Only its Saturn and Hummer brands gained sales, as Asian automakers Toyota Motor Corp. and Honda Motor Co. continued to chip away at GM’s American market share.

A GM spokeswoman, Renee Rashid-Merem, wouldn’t comment on Mr. Kerkorian’s share sale. Ms. Bloom declined to comment on Mr. Kerkorian’s announced sale earlier in the day.

GM yesterday also said it completed the sale of 51% of its General Motors Acceptance Corp. finance unit to a group led by Cerberus Capital Management LP, raising $7.4 billion in cash. GM will get a $2.7 billion distribution from GMAC and $4 billion more over the next three years.

The transaction means GMAC will be able to borrow at a lower cost, trimming GM’s expenses for selling vehicles. It also provides GM Chief Executive Officer Rick Wagoner with cash to help pay for job cuts, plant closings, and developing new models.

A Standard & Poor’s analyst, Efraim Levy, cut his rating on GM shares to “sell” from “hold,” saying Mr. Kerkorian’s stock sales may reduce his positive influence on the company’s board and management. Mr. Levy also said GM’s sale of the stake in GMAC eliminates a source of cash for the automaker.