Carl Icahn’s fortune has dropped sharply—from a high of $17.5 billion last year to about $4.8 billion today. The fall is the biggest in his long‑standing career and follows a rough battle with the short‑seller Hindenburg Research.
Hindenburg said Icahn’s companies were overvalued and that the dividend payouts were unsustainable. Icahn hit back, calling the claims “lies.” The accusations rattled investors and pushed Icahn Enterprises’ stock to its lowest level in decades. The company, which once was a symbol of his aggressive activist style, lost roughly 80 % of its market value since the May 2023 short‑selling attack.
The crash also exposed Icahn’s use of leverage. He had pledged more than half of his shares in Icahn Enterprises as collateral for personal margin loans. When the stock price fell, lenders forced him to renegotiate the loans to avoid a margin call. Icahn didn’t back down—he publicly labeled short‑sellers as “bullies” and defended his accounting practices.
Despite the setbacks, the 89‑year‑old investor says he’s still fighting. He told the Wall Street Journal in a recent interview that he’s a “fighter” and that he keeps going. “We’re changing our battle plans, but it’s not that bad,” he added, comparing the loss of support to losing an army.
Behind the scenes, succession planning at Icahn Enterprises is uncertain. Brett Icahn, Carl’s son, rejoined the firm in 2020, but key moves have faltered. A large position in Bausch Health erased more than $700 million, and senior managers have left. Andrew Teno is now CEO and may take over operations when the time comes.
Carrying out his own personal strategy, Carl lives and works at a secluded waterfront home on Miami’s Indian Creek Island, a place dubbed “Billionaire Bunker.” He says the tide is turning. Icahn Enterprises posted $287 million in net income last quarter, a sharp gain thanks mostly to CVR Energy, the refiner the group controls. The company also announced new investments in EchoStar and auto‑service chain Monro, signaling fresh momentum.
Icahn’s focus extends beyond numbers. He has launched a campaign blaming the “cartel” of BlackRock, Vanguard and State Street for reducing shareholder activism. The activist plans to publish a white paper urging Congress and the White House to curb these firms’ influence.
He remains proud of his charitable work, especially his $200 million endowment to the Icahn School of Medicine at Mount Sinai. He also supports animal charities and believes that activism makes capitalism stronger.
In a moment of humility, Icahn told Puck News last year that his earlier confidence was “hubris.” “I thought I could figure out what the market was going to do. That’s the dumbest thing you can do.”
Source: New York Post
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