Investing
Icahn’s investment firm sinks further, down 40% since Hindenburg attack
© Reuters. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network’s Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid/File Photo
(Reuters) -Shares of activist investor Carl Icahn’s investment firm lost nearly a fifth of their value on Wednesday, adding to a 20% decline a day earlier following short seller Hindenburg Research’s scathing attack on the company.
Icahn Enterprises LP’s shares hit an intraday low of $31.78 – their lowest in more than a decade. The stock is down nearly 39% since the release of the report.
Hindenburg accused the company of over-valuing its holdings and relying on a “Ponzi-like” structure to pay dividends. Icahn called the report “self-serving.”
The attack has landed the famed corporate raider in uncharted waters. Known for his face-offs with industry heavyweights like McDonald’s Corp (NYSE:), the 87-year old Icahn has seldom found himself on the wrong side of an activist feud.
But Hindenburg has taken on several high-profile targets in recent months, including India’s Adani Group and Jack Dorsey-led Block Inc.
Since its release on Tuesday, the report has wiped $7.5 billion off Icahn’s fortune, leaving him with a net worth of $10.8 billion, according to Forbes.
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