IEP’s stock closed at its lowest level since June 8, 2004
Icahn Enterprises L.P.’s stock closed at its lowest level since June 8, 2004, on Monday, ahead of the release of third-quarter earnings later this week.
The Nate Anderson-backed Hindenburg had accused Icahn Enterprises of overstating values and paying a dividend it could not afford. The stock immediately shed billions of dollars in market capitalization, and in August, the company slashed its dividend in half.A New York Times article published in August highlighted the fallout from the short-seller report on Icahn.
Hindenburg also revealed that Icahn had borrowed money from his own company, a development that was disclosed in a footnote to financials and that Wall Street had overlooked.See also: Carl Icahn rebuts short seller Hindenburg Research’s report. It’s already cost his company $6 billion in market cap. The fund has performed poorly in the past decade. For many years, Icahn has publicly expressed suspicion of the bull market that had raged around him. He shorted the stock market in a big way as a hedge against his long activist positions. Going into 2021, for example, Icahn’s investment fund had a short exposure of 142%, Securities and Exchange Commission filings show.
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