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Carl Icahn's investment firm tumbles 18% after Hindenburg attack

May 03, 2023 at 10:45 am EDT

(Reuters) - Shares of activist investor Carl Icahn's investment firm lost nearly a fifth of their value on Wednesday, a day after short seller Hindenburg Research launched a scathing attack on the company.

Icahn Enterprises LP's shares were trading at $33.66, giving the company a market value of $11.9 billion. The stock has lost 34% since the end of last year.

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."

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.

(Reporting by Niket Nishant in Bengaluru; Editing by Saumyadeb Chakrabarty)

Stocks mentioned in the article

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	ICAHN ENTERPRISES L.P.	16.82 USD	+0.84%	+1.45%	7.59B

Carl Icahn

Mr. Carl C. Icahn is a Chairman at CVR Refining GP LLC, at Icahn Enterprises G.P. Inc., at Icahn Enterprises Holdings LP, at Starfire Holding Corp., at ACF Industries LLC, at Atlantic Coast Entertainment Holdings, Inc., at Greate Bay Hotel & Casino, Inc., at Icahn Enterprises Finance Corp., at Icahn Enterprises LP, a Chief Executive Officer at Icahn Capital LP, at General Partners LLC at GB Property Funding Corp., and a Chairman of the Board at Icahn Associates Holding LLC. Mr. Icahn was previously employed as a Chairman by CVR Refining LP, by GB Holdings, Inc., by Maupintour Holding LLC, by American Railcar Industries, Inc., by CVR Energy, Inc., by XO Communications, Inc., by Tropicana Entertainment, Inc., by WCI Communities, Inc., by ImClone Systems, Inc., a Non-Executive Chairman by Federal-Mogul Corp., by Federal-Mogul LLC, by Federal-Mogul Holdings Corp., a Chief Executive Officer by Icahn Capital Management LP, by Icahn Management LP, a Member chCCI Offshore LLC, by Financial Industry Regulatory Authority, Inc., by National Association of Securities Dealers, Inc., by National Association of Securities Professionals, by CCI Onshore LLC, a Chairman & President by XO Holdings, Inc., a President & Director by Stratosphere Corp., a General Partner by American Real Estate Partners LP, a Chairman & President by Icahn & Co., Inc., a Non-Executive Chairman by Federal-Mogul Motorparts LLC, an Owner by Sands Hotel & Casino /Atlantic City/, by Stratosphere Hotel, and a Chairman & Chief Executive Officer by Trans World Airlines, Inc. He received his undergraduate degree from Princeton University.

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Icahn Associates Holding LLC Icahn Associates Holding LLC Investment ManagersFinance Icahn Associates Holding LLC is an independent hedge fund manager headquartered in New York City. The firm is affiliated with Icahn Enterprises LP (NASDAQ: IEP), a Delaware master limited partnership and diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. Icahn Associates Holding manages the assets of high net-worth clients.	Chairman
ACF Industries LLC ACF Industries LLC Wholesale DistributorsDistribution Services ACF Industries LLC manufactures and fabricates railcar parts and miscellaneous steel products. Its capabilities include car conversions, repair programs, welded sub-assemblies, pressure vessels, railcar wheel, and axle machining & mounting. The company was founded in 1899 and is headquartered in St. Charles, MO.	Chairman

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