WASHINGTON (AP) — The business empire of Carl Icahn, a corporate raider and activist investor, is experiencing a significant decline following a recent report from short-selling firm Hindenburg Research. The losses are accelerating as a longtime rival echoes the firm’s allegations.
Hindenburg’s report, published on May 2, claimed that Icahn Enterprises has been using inflated asset valuations and pointed to “ponzi-like economic structures” at the holding company. The report alleged that Icahn has used money from new investors to pay out dividends to old ones. Icahn Enterprises, based in Sunny Isles Beach, Florida, has stakes in businesses ranging from food packaging and automotive to real estate and pharmaceuticals.
Since Hindenburg released its short position, the market value and stock for Icahn Enterprises (IEP) has plummeted. The company’s market cap was cut by more than half this month, from about $18 billion on May 1 to $7.01 billion Thursday, and IEP’s…
2023-05-25 15:30:09
Post from finance.yahoo.com