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Carl Icahn

Carl Celian Icahn (born February 16, 1936) is an American businessman and investor. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach, Florida. Icahn's business model is to take large stakes in companies that he believes will appreciate from changes to corporate policy; Icahn then pressures management to make the changes that he believes will benefit shareholders, and him. Widely regarded as one of the most successful hedge fund managers of all time and one of the greatest investors on Wall Street, he was one of the first activist shareholders and is credited with making that investment strategy mainstream for hedge funds.[1]

In the 1980s, Icahn developed a reputation as a "corporate raider" after profiting from the hostile takeover and asset stripping of Trans World Airlines.[2][3]

Icahn is on the Forbes 400 and has a net worth of approximately $6.7 billion[4] to $7 billion.[5]

Since 2011, Icahn no longer manages money for outside clients. Investors can still invest in Icahn Enterprises.[6]

Early life and education

Icahn was born on February 16, 1936, in Brooklyn, New York, to an Ashkenazi Jewish family.[7][8] He was raised in the Far Rockaway neighborhood of Queens in New York City, where he attended Far Rockaway High School.[9] His father, Michael Icahn,[10] a "sworn atheist",[11] was a cantor, and later a substitute teacher. His mother, Bella (née Schnall) also worked as a schoolteacher.[10][12]

Icahn graduated from Princeton University in 1957 with an B.A. in philosophy after completing a senior thesis titled "The Problem of Formulating an Adequate Explication of the Empiricist Criterion of Meaning."[13] He entered New York University School of Medicine, but dropped out after two years to join the Army Reserve.[14][15]

Business career

1961–2005

In 1961, Icahn began his career as a stockbroker for Dreyfus Corporation.[10] In 1963, he became an options manager for Tessel, Patrick & Co. and then he moved to Gruntal & Co.[14]

In 1968, with $150,000 of his own money and a $400,000 investment from his uncle, M. Elliot Schnall, Icahn bought a seat on the New York Stock Exchange[10] and formed Icahn & Co., which focused on risk arbitrage and options trading.[16]

In 1978, in his first takeover attempt, he took a controlling stake in Tappan and forced the sale of the company to Electrolux, making a profit of $2.7 million, or doubling his investment. In 1979, he acquired Bayswater Realty & Capital Corporation. In 1983, he acquired ACF Industries and in 1985 he sold those shares to Phillips Petroleum, making a $50 million profit.[9]

In 1985, by pooling his funds with investor funds and funds borrowed from banks, Icahn acquired 50% of Trans World Airlines, and he completely acquired the company in a leveraged buyout in 1988.[2] Icahn systematically sold TWA's assets to repay money he owed, which was described as "asset stripping" and made him known as a "corporate raider". In 1991, he sold TWA's London routes to American Airlines for $445 million.[3] Icahn made a $469 million profit, and left TWA with $540 million in debt. He formed lowestfare.com to sell TWA tickets and acquired portions of Global Leisure Travel from Ramy El-Batrawi.[17]

In October 1986, Icahn launched an unsuccessful $8 billion hostile takeover for 89% of U.S. Steel; the bid was dropped in January 1987.[18][19] In 1991, he sold his stake in the company for $1 billion, making a $200 million profit.[20]

In June 1989, in the largest share sale to date on the New York Stock Exchange, Icahn sold his stake in Texaco for $2 billion, making a profit of $700 million.[21]

In 1990, he offered to acquire Pan Am for $375 million.[22]

In 1994, he took a 6.6% interest in Western Company of North America as it was in the process of being acquired by BJ Services.[23]

In February 1997, Icahn sold his 7.3% interest in RJR Nabisco for a $125 million profit.[24]

In June 1997, Icahn took control of Marvel Comics in a rivalry with Ronald Perelman.[25][26]

In March 1998, he again bid for Pan Am, offering $43 million.[27]

In December 1998, Icahn led an investor group that acquired a 5% stake in RJR Nabisco and pressured the company's management to separate its tobacco and food units.[28]

In July 2001, Icahn's Riverdale, LLC lent Genesisintermedia $100 million and received options to purchase 5.5 million shares of the company at an average price of $5.09.[29]

In 2004, Icahn began raising $3 billion to form Icahn Partners, a hedge fund.[30] He took ownership stakes in Blockbuster Video and Time Warner.

In 2004, after Mylan announced a $4 billion stock deal to acquire King Pharmaceuticals, Icahn purchased a large block of stock and threatened a proxy fight, urging shareholders to vote against the acquisition.[31][32][33] In February 2005, Mylan gave up its efforts to acquire King.[34]

2005–2010

In 2005, XO Communications announced its intention to sell the wired part of its business for $700 million to Icahn, who was then chairman and a large shareholder; the money would be used to pay back its debts and to buy back its preferred stock for about $600 million from Icahn. Icahn would have then owned the wired business outright, and still own his 60% stake in XO.[35] Despite Icahn's majority ownership and the board of directors declaring the deal to be in the best interest of shareholders, R2 and other minority shareholders blocked the transaction through the court system in 2008, which charged Icahn with penalties due to his conflict of interest.[36]

In August 2006, Icahn bought stock in Take-Two Interactive, a video game publisher, and increased his holdings to 11.3% in 2009, becoming the company's second-largest shareholder.[37]

In January 2007, he purchased a 9.2% stake in Telik, a biotech company engaged in cancer research. He also acquired 6.1 million shares of WCI Communities, later acquired by Lennar.

In May 2007, Icahn lost an election for a seat on the board of directors of Motorola, despite owning 3% of the company.[38]

On February 9, 2007, Lear Corporation's board of directors accepted a $2.3 billion takeover offer from Icahn.[39][40]

That month he also invested $50 million in Motricity, a North Carolina–based provider of mobile content delivery technology.

In September 2007, Icahn increased his stake in BEA Systems to 13.22%,[41] a few months before Oracle Corporation announced its acquisition of BEA Systems, which Icahn supported.[42]

Beginning in 2007, Icahn gradually increased his stake in Biogen.[43][44]

In April 2007, Icahn sold his casino interests in Nevada, including the Stratosphere Las Vegas, Arizona Charlie's Boulder, Arizona Charlie's Decatur, and Aquarius Casino Resort which were operated through American Casino & Entertainment Properties, a subsidiary of Icahn Enterprises, for $1.3 billion or $1 billion more than he paid for the properties, to a unit of Goldman Sachs.[45]

In March 2008, Icahn sued Motorola as part of his effort to gain four seats on Motorola's board and force a sale of its mobile business.[46]

In May 2008, Icahn purchased a large block of shares in Yahoo!, and shortly thereafter threatened to start a proxy fight to remove Yahoo's board of directors in response to their rejection of a takeover bid by Microsoft.[47] Instead, he forced an agreement to expand Yahoo's board to eleven members, including Icahn and two others of his choice.[48]

In June 2008, Icahn launched a blog, The Icahn Report.[49]

In September/October 2008 Icahn was involved in the rejected attempted purchase of Imclone by Bristol-Myers Squibb and in the eventual sale of Imclone to Eli Lilly and Company for $6.5 billion in cash.[50]

In December 2008, he filed suit against Realogy over a proposed debt swap.[51]

In April 2009, Icahn engaged in a proxy battle for Amylin.[52]

In September 2009, he offered to buy the shares of XO he did not already own for $0.55 each. He later raised his offer to $0.80, which ultimately expired.

In October, he resigned from the board of directors at Yahoo!,[53] and by the following February had reduced his equity stake from a one-time high of 75 million shares to 12 million shares.[54]

In February 2010, Icahn, through a subsidiary of his Icahn Enterprises LP, acquired the Fontainebleau Las Vegas for about $150 million. In March he was one of a group of lenders who purchased Tropicana Casino & Resort Atlantic City, bringing the company out of bankruptcy for $200 million.

In March 2011, he conducted a failed takeover bid for Lionsgate Films.[55]

In May 2010, he announced the purchase of an 8.54% stake in Lawson Software.[56]

2010–2015

In May 2010, Icahn held a 6.9% stake in Mentor Graphics,[57] increasing to 14% in July. Mentor's retaliation with a shareholder rights plan failed to deter Icahn who, in February 2011, made an unsuccessful offer to buy the company for about $1.86 billion in cash.[58]

In January 2011, Icahn offered to buy Clorox for $10.2 billion.[59] By February he had accumulated a 9.08% stake in the company.[60]

In October 2012, Icahn reported a 10% stake in Netflix.[61][62]

In November 2012, he tried to gain control of the board of directors of Oshkosh Corporation.[63]

In February 2013, Forbes listed Icahn as one of the 40 highest-earning hedge fund managers.[64]

By April 2013, Icahn accumulated a 9.2% stake in Nuance Communications.[65] On August 2, 2013, Icahn sued computer giant Dell and its board in an attempt to derail a $24.4 billion buyout bid by the CEO, Michael Dell, in favor of his own rumored forthcoming bid.[66] In October 2013, Icahn held 4.7 million shares of Apple Inc.[67][68][69] The same month, Icahn acquired around 61 million shares in Talisman Energy, leading to a surge in the share price.[70] Also that month, he sold about 50% of his shares in Netflix for a profit in excess of $800 million in less than one year.

In November 2013, he acquired a 12.5% interest in Hologic, a medical device and diagnostics manufacturer.

In January 2014, Icahn invested another half billion dollars in Apple Inc.[71]

Also in January 2014, Icahn pushed eBay to complete the corporate spin-off of PayPal. This started a proxy fight which was settled by April.[72]

In October 2014, Icahn invested in Talisman Energy. The company's stock price went down by 71% and he sold his shares two months later.[73]

Since 2015

On May 15, 2015, Icahn made a $100 million investment in Lyft.[74]

In November 2015, Icahn hired CBRE Group to market the unfinished Fontainebleau Las Vegas to potential buyers.[75] Also in November 2015, he swapped his stake in eBay for shares in PayPal.[76] Also in November 2015, Icahn disclosed a 7.13% stake in Xerox.[77]

In December 2015, Icahn offered to acquire Pep Boys.[78] He also raised his stake in Cheniere Energy to 13.8%, making him its largest shareholder.[79]

In August 2017, Icahn sold the unfinished Fontainebleau Resort Las Vegas for $600 million, more than four times what he paid.[80]

In January 2016, Icahn disclosed a 4.66% stake in Gannett Company[81] and also held shares in Cheniere Energy and Freeport-McMoRan, both of which declined in value.[73] Icahn sold his Apple shares in April 2016, citing concerns about Apple's relationship with China.[82]

In August 2016, Icahn increased his stake in Herbalife Nutrition to 21%.[83]

Also in October 2016, Icahn closed the Trump Taj Mahal Casino in Atlantic City, citing a $350 million loss over several years as well as failure to reach a deal with striking union workers. Nearly 3,000 workers lost their jobs.[84][85]

In November 2016, he increased his holdings in the car rental company The Hertz Corporation, after the company's stock price had declined significantly.[86]

In 2017, Icahn acquired a 9.7% stake in Conduent, sold out of Allergan and Nuance Communications, and increased his stakes in Navistar International and Herbalife Nutrition.[87]

In May 2020, Icahn sold his entire 39% stake, or 55.3 million shares, of Hertz Global for 72 cents a share. He lost almost $2 billion on the investment.[88]

In February 2022 Icahn, who held 200 shares of the company, nominated two people for election to McDonald's board of directors in what may be the first step toward a proxy fight.[89] Icahn aims to pressure McDonald's to improve conditions of pigs raised by its suppliers.[90]

However, in May 2022, only 1% of McDonald's' shareholders voted in favor of nominees put forward by Icahn, scoring a victory against his demands for the improvement of conditions in which pigs are raised. In its statement, McDonald's claimed it is already moving towards a more humane approach to the issue since its pledge in 2012, adding that Icahn's demands were unreasonable.[91]

In May 2023, short seller Hindenburg Research released an analysis of Icahn's public company Icahn Enterprises that claims the company is over-valued due to paying large dividends using investments from new investors. In addition, the analysis claims that Icahn took out loans against a majority of his holdings and that these have the potential to be called should the stock price move downward. On the day of the release of this analysis, the share price of Icahn Enterprises dropped by 20%.[92]

Public policy and economic views

Icahn endorsed Donald Trump in the 2016 United States presidential election. He also announced the formation of a super PAC pledging $150 million to push for corporate tax reform, in particular of tax inversions, which occur when corporations move their headquarters from the U.S. to take advantage of lower tax rates elsewhere.[93]

Upon becoming the presumptive Republican presidential nominee, Trump announced that he would nominate Icahn for United States Secretary of the Treasury.[94] However, he instead nominated Steven Mnuchin.[95][96]

On December 21, 2016, it was announced that Icahn would serve as special advisor to the president on regulatory reform under President Donald Trump and that Icahn would aid Trump in an "individual capacity" rather than as a federal employee, and that he would not have "specific duties" and therefore would not have to relinquish his business interests while serving as an advisor to Trump.[97] Icahn stepped down from this role on August 18, 2017, citing a desire not to interfere with the work of Neomi Rao as administrator of the Office of Information and Regulatory Affairs.[98][99][100][101][102]

In February 2018, Icahn avoided a $6 million loss by selling some of his holdings in a steel-price sensitive stock just days before the Trump administration announced a 25% tariff on steel imports.[103]

When the President had Icahn interview Scott Pruitt during consideration of his nomination as Administrator of the Environmental Protection Agency, Icahn specifically asked Pruitt about his position on the EPA's Renewable Fuel Standard.[104] Icahn spoke directly to President Trump and to Gary Cohn about his proposed changes to the ethanol rule.[104] CVR Energy, in which Icahn has 82% ownership, would save $205.9 million a year if Icahn's proposal was adopted.[104] The Sugar Land, Texas oil refinery benefited when President Trump made an exception to his regulation freeze to expand the tax advantage of master limited partnerships.[104] CVR Energy's stock doubled after President Trump's election, increasing $455 million in value.[104]

Personal life

In the summer of 1978, Icahn, then 41 years old, met Liba Trejbal, a 28-year-old ballerina from the former Czechoslovakia. She became pregnant 8 months later and Icahn offered to marry her if she signed a prenuptial agreement. They were married in March 1979. In October 1993, Liba filed for divorce and sued to invalidate the prenuptial agreement, claiming she signed it under duress due to the pregnancy. The divorce was settled in July 1999.[105][106][107][108][109] They have two children, Brett Icahn and Michelle Celia Icahn Nevin.[106] His nephew is Rick Schnall.[110]

In 1999, Icahn married his longtime assistant and former broker, Gail Golden.[108] She has two children from a previous marriage.[106] The couple separated in 2025.[111]

Philanthropy

Icahn Stadium on Randall's Island in New York City is named after him, as is the Carl C. Icahn Center for Science and Icahn Scholar Program at Choate Rosemary Hall, a prep school in Connecticut. This organization pays for tuition, room and board, books, and supplies for 10 students every year for four years (freshman–senior), an endowment valued at about $400,000 per annum.

Icahn made a substantial contribution to his alma mater, Princeton University, to fund a genomics laboratory which bears his name, the Carl C. Icahn Laboratory at the university's Institute for Integrated Genomics.[112] He also made large contributions to Mount Sinai Hospital, New York, of which he is a trustee, which in return named a building the Icahn Medical Institute designed by Davis Brody Bond, and also, in 2013, renamed the Mount Sinai School of Medicine as the Icahn School of Medicine at Mount Sinai.[113] The genomics institute led by Brian Brown, PhD, was renamed the Icahn Genomics Institute.[114]

His foundation, the Children's Rescue Fund, built Icahn House in The Bronx, a 65-unit complex for homeless families consisting of single pregnant women and single women with children, and operates Icahn House East and Icahn House West, both of which are homeless shelters in New York City.

In 2010, Icahn joined the Giving Pledge list, pledging to give away more than half his fortune.[115] Icahn is an activist investor, and has worked with the Humane Society of the United States in pushing McDonald's to achieve its pledge to end the sourcing of pork produced with gestation crates.[116]

In the media

Oliver Stone used Icahn as the basis for the hostile, cutthroat capitalist character of Gordon Gekko, portrayed by Michael Douglas in his hit film Wall Street (1987). One of Icahn's shareholder meeting speeches provided the basis for Gekko's iconic "greed is good" speech.[117]

Carl Icahn is featured in the 2022 Emmy-nominated HBO documentary Icahn: The Restless Billionaire directed by Bruce David Klein and produced by Atlas Media Corp.

Awards and honors

Icahn has the following awards:

  • Golden Plate Award of the American Academy of Achievement in 1984,[118]
  • Starlight Foundation – Founders Award & 1990 Man of the Year Award.
  • Guardian Angel 2001 Man of the Year
  • In 2004, he was honored by the Center for Educational Innovation – Public Education Association for his work with charter schools.
  • In 2006, he was honored with the 100 Women in Hedge Funds Effecting Change Award for his outstanding contributions to improving education.

Thoroughbred horse racing

In 1985, Icahn established Foxfield Thoroughbreds, a horse breeding operation. At that year's Newstead Farm Trust sale run by Fasig-Tipton, he paid $4 million for Larida, a six-year-old mare and a record $7 million for the four-year-old bay mare Miss Oceana who was in foal to champion sire, Northern Dancer.[119]

Icahn's Meadow Star won the 1990 Breeders' Cup Juvenile Fillies and was voted the American Champion Two-Year-Old Filly.

In 1992, Foxfield ended its racing operation and became a commercial breeder, having bred more than 140 graded stakes race horses.

In 2004, Icahn shut down Foxfield, selling all his mares and weanlings without reserve at the Keeneland Sales November breeding stock auction.[120]

See also

Further reading

External links

References

  1. Matthew Goldstein. Billionaire Carl Icahn Discloses Subpoena Over Stock Trading The New York Times, May 3, 2019^
  2. Barbara Kiviat. 10 Questions for Carl Icahn Time, February 15, 2007^
  3. Elaine X. Grant. TWA – Death Of A Legend St. Louis Magazine, October 2005^
  4. Carl Icahn Bloomberg.com, Bloomberg L.P.^
  5. Carl Icahn Forbes^
  6. Svea Herbst-Bayliss. Icahn to return his clients' money Reuters, March 8, 2011^
  7. The world's 50 Richest Jews: 11–20 The Jerusalem Post, September 7, 2010^
  8. Danielle Berrin. Jewish billionaire Carl Icahn wants to buy all of Lionsgate The Jewish Journal of Greater Los Angeles, March 19, 2010^
  9. About^
  10. Ken Auletta. The Raid – How Carl Icahn came up short. The New Yorker, March 12, 2006^
  11. One More Jewish Billionaire Can't Hurt: Carl Icahn Trump's Next Regulations Czar The Jewish Press, December 22, 2016^
  12. Deepak Gopinath. Icahn Gambles on Golf Resort, Casinos, Sausage Casing Makers Bloomberg News, March 23, 2006^
  13. Carl Celian Icahn. The Problem of Formulating an Adequate Explication of the Empiricist Criterion of Meaning 1957^
  14. Carl C. Icahn Biography Encyclopædia Britannica, June 11, 2023^
  15. Rob Wile, Linette Lopez. The Fabulous Life Of Carl Icahn – Investing King And Bill Ackman's Nemesis Business Insider, January 26, 2013^
  16. Andrew Feinberg. Carl Icahn: Better Investor Than Buffett? Kiplinger's Personal Finance^
  17. Laura Del Rosso. Sale of portions of Global Leisure to Carl Icahn Northstar Travel Group, November 2, 1999^
  18. Icahn Drops Bid For Usx Investor Group May Deal Directly With Steelmaker's Shareholders Orlando Sentinel, January 9, 1987^
  19. Agis Salpukas. ICAHN ENDS HIS OFFER FOR USX The New York Times, January 9, 1987^
  20. John Holusha. Icahn Sale Of USX Stock Seen The New York Times, May 15, 1991^
  21. Robert J. Cole. Icahn Sells His Texaco Holdings The New York Times, June 2, 1989^
  22. Agis Salpukas. Icahn Gives A Warning To Pan Am The New York Times, December 26, 1990^
  23. COMPANY NEWS; ICAHN GROUP MAY SEEK WESTERN COMPANY TIE The New York Times, October 15, 1994^
  24. Icahn sells his RJR stake CNN, February 27, 1997^
  25. Floyd Norris. Icahn-Led Bondholders Take Control of Marvel From Perelman The New York Times, June 21, 1997^
  26. Adam Bryant. Pow! The Punches That Left Marvel Reeling The New York Times, May 24, 1998^
  27. Frank Swoboda. ICAHN BIDS $43 MILLION FOR PAN AM The Washington Post, March 14, 1998^
  28. Icahn eyes RJR again CNN, December 22, 1998^
  29. In Re: GenesisIntermedia, Inc. Securities Litigation 03-CV^
  30. Carl Icahn Fast Facts CNN, January 31, 2021^
  31. Vincent Lara-Cinisomo. Icahn reiterates interest in Mylan buy American City Business Journals, December 15, 2004^
  32. SEC Resolves Empty Voting Action Involving King-Mylan Merger Harvard Law School, August 19, 2009^
  33. Val Brickates Kennedy. Mylan: Icahn opposing King merger MarketWatch, September 8, 2004^
  34. Val Brickates Kennedy. King, Mylan Labs terminate merger MarketWatch, February 28, 2005^
  35. Jerry Knight. Carl Icahn's Latest Shuffle The Washington Post, November 14, 2005^
  36. Joe Nocera. The Kettle? The Pot Says He's Black The New York Times, August 30, 2008^
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  38. Ben Klayman. Icahn says may not get Motorola board seat Reuters, May 7, 2007^
  39. David Bailey. Lear accepts sweetened Icahn bid, Pzena not swayed Reuters, February 9, 2007^
  40. Lear Announces Expiration of Solicitation Period for Alternative Acquisition Proposal Lear Corporation, March 27, 2007^
  41. Franklin Paul. Icahn further raises BEA stake to 13.22 percent Reuters, October 3, 2007^
  42. Oracle buying BEA Systems for $8.5 billion The New York Times, January 6, 2008^
  43. Todd Wallack. Biogen Idec appears to be in Icahn's sights The Boston Globe, August 28, 2007^
  44. Zachery Kouwe. Icahn Places Two Allies on the Biogen Idec Board The New York Times, June 3, 2009^
  45. A Goldman Sachs unit is buying 4 casinos from Carl Icahn The New York Times, April 23, 2007^
  46. Icahn sues Motorola for access to documents Reuters.com, March 25, 2008^
  47. Michael Liedtke. Icahn to Yahoo board: Sell or leave May 15, 2008^
  48. Investor Icahn gets 3 board seats in Yahoo deal ABC News, July 22, 2008^
  49. Dane Hamilton. Icahn says blog to go live on Thursday Reuters, June 18, 2008^
  50. TOM MURPHY. Eli Lilly to buy ImClone for more than $6B October 30, 2008^
  51. Sakthi Prasad. Icahn sues Realogy over debt deal Reuters, December 3, 2008^
  52. Tracy Staton. Amylin: Icahn aims for sale to Lilly FiercePharma, April 20, 2009^
  53. Eric Savitz. Yahoo: Icahn Quits Board, Having Accomplished…Not Much Barron's, October 23, 2009^
  54. John Paczkowski. Icahn Cans Yahoo AllThingsD, February 16, 2010^
  55. Jack Lynch. Icahn Finally Ends His Battle With Lions Gate The New York Times, August 30, 2011^
  56. Jim Finkle. Icahn acquires stake in Lawson Software Reuters, May 24, 2010^
  57. Shara Tibken. Icahn Makes $1.91 Billion Bid for Mentor Graphics The Wall Street Journal, February 23, 2011^
  58. Mike Rogoway. Investors skeptical of Carl Icahn's $1.9 billion bid for Mentor Graphics The Oregonian, February 22, 2011^
  59. John Sailors. Icahn makes $10.2B bid for Clorox American City Business Journals, July 15, 2011^
  60. Jessica Wohl. UPDATE 3-Icahn takes 9 pct stake in Clorox, shares soar Reuters, February 11, 2011^
  61. Lisa Richwine, Soyoung Kim. Netflix shares soar after Icahn reports 10 percent stake Reuters, October 31, 2012^
  62. Julia Boorstin. Icahn Netflix Play Sends Stock Soaring CNBC, October 31, 2012^
  63. Rick Barrett. Icahn says he'll move on if bid to control Oshkosh Corp. fails Milwaukee Journal Sentinel^
  64. Nathan Vardi. The 40 Highest-Earning Hedge Fund Managers & Traders 2013 Forbes, February 26, 2013^
  65. Reinhardt Krause. Carl Icahn Seen Pushing Nuance To Divest, Restructure Investor's Business Daily, April 2, 2013^
  66. Poornima Gupta, Edwin Chan. Icahn sues Dell in latest attempt to foil buyout Reuters, August 1, 2013^
  67. Carl Icahn Discloses 'Large' Stake in Apple in Tweet Bloomberg News^
  68. Susanna Kim. Apple (AAPL) Stock Surges After Billionaire Carl Icahn's Tweets ABC News, August 14, 2013^
  69. Carl Icahn Owned 3.9 Million Shares Of Apple As Of September 30 Business Insider, November 15, 2013^
  70. Anna Driver. Talisman Energy shares surge as Carl Icahn acquires stake Reuters, October 8, 2013^
  71. Jennifer Ablan. As Apple shares fall, Icahn buys another $500 million Reuters, January 28, 2014^
  72. eBay Inc. and Carl Icahn Settle Proxy Fight eBay, April 10, 2014^
  73. Portia Crowe. Carl Icahn's commodities bets are backfiring Business Insider, January 16, 2016^
  74. Sai Sachin R, Sarah McBride. Carl Icahn invests $100 million in ride-sharing service Lyft Reuters, May 15, 2015^
  75. Craig Karman, Kate O’Keeffe. Carl Icahn Looking to Sell the Fontainebleau Las Vegas The Wall Street Journal, November 11, 2015^
  76. Icahn exits eBay stake, opts for PayPal after spinoff CNBC, November 16, 2015^
  77. Anya George Tharakan, Arathy S. Nair. Icahn takes stake in Xerox, calls shares 'undervalued' Reuters, November 23, 2015^
  78. Kevin Orland. Pep Boys Rises After Icahn Takes Stake With Eye Toward Deals Bloomberg News, December 7, 2015^
  79. Jacob Pramuk. Carl Icahn raises Cheniere stake to 13.8% from 12.7%: DJ CNBC, December 7, 2015^
  80. Samantha Sharf. Carl Icahn Unloads Unfinished Las Vegas Casino For $600 Million—More Than Four Times What He Paid Forbes^
  81. Claudia Assis. Carl Icahn discloses 4.66% stake in Gannett MarketWatch, January 13, 2016^
  82. Alex Hern. Billionaire investor Carl Icahn sells entire stake in Apple The Guardian, April 28, 2016^
  83. Carleton English. Carl Icahn backs Bill Ackman into a corner in Herbalife battle New York Post, August 30, 2016^
  84. Antoine Gara. Billionaire Carl Icahn Closes The Trump Taj Mahal Casino After Union Standoff Forbes, October 10, 2016^
  85. Adam Jeffery. Trump Taj Mahal closes after 26 years; 5th casino casualty CNBC, October 10, 2016^
  86. David Welch, Claire Boston. Icahn Doubles Down on Hertz as Missed Earnings Punish Stock Bloomberg News, November 9, 2016^
  87. Beth Jinks. Icahn Adds New Stake in Conduent, Exits Allergan and Nuance Bloomberg News, May 15, 2017^
  88. Chris Isidore. Carl Icahn lost $2 billion betting on Hertz CNN, May 28, 2020^
  89. Kate Gibson. Carl Icahn takes on McDonald's over "unnecessary suffering" by pigs CBS, February 22, 2022^
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  92. Icahn Enterprises' Plunge Just One of Short-Seller Hindenburg's Many Big Hits Bloomberg News, May 1, 2023, retrieved May 1, 2023^
  93. Maggie Haberman. Carl Icahn, Supporter of Donald Trump, Plans $150 Million 'Super PAC' The New York Times, October 21, 2015^
  94. Ana Swanson. Donald Trump's first Cabinet pick is just as controversial as he is, and a lot richer The Washington Post, September 29, 2015^
  95. Trump's Man Steve Mnuchin; Wall Street, Hollywood and Now Treasury?^
  96. Senate Confirms President Trump's Treasury Secretary Pick Steven Mnuchin^
  97. Jacob Pramuk. Trump names Icahn as special advisor on regulation, vows to shred Obama rules CNBC, December 21, 2016^
  98. Donald Trump Enlists Carl Icahn as His Special Adviser on Regulations Fortune, December 21, 2016^
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  101. Trump adviser resigned ahead of negative magazine story^
  102. Patrick Radden Keefe. Carl Icahn's Failed Raid on Washington; Was President Trump's richest adviser focused on helping the country—or his own bottom line? The New Yorker^
  103. Dominic Rushe. Ex-Trump adviser sold $31m in shares days before president announced steel tariffs The Guardian, March 2, 2018^
  104. Eric Lipton. Icahn Raises Ethics Flags With Dual Roles as Investor and Trump Adviser The New York Times, March 27, 2017^
  105. Icahn v. Todtman – H2O Harvard Law School, United States District Court for the Southern District of New York, October 1, 2001, retrieved October 19, 2021^
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