*BILLIONAIRE INVESTOR CARL ICAHN LOSES OVER $10 BILLION ON HINDENBURG SHORT-SELLER REPORT *SHORT INVESTOR HINDENBURG ERASES FIFTH OF ICAHN EMPIRE'S VALUE
-Hindenburg Research, the short investor whose reports on companies have erased a big chunk of their value, criticized Icahn Enterprises LP on Tuesday over the reporting of its finances, leading to a 20% drop in the shares of activist investor Carl Icahn's firm.
Icahn said in an IEP statement that Hindenburg's"self-serving" report was aimed at generating profits at the expense of IEP's long-term shareholders. Hindenburg said IEP's units are overvalued by more than 75% and that"IEP trades at a 218% premium to its last reported net asset value , vastly higher than all comparables."
"Icahn has been using money taken in from new investors to pay out dividends to old investors," said Hindenburg. In another instance, IEP marked its automotive parts division at $381 million in December 2022, one month before a key subsidiary of that division filed for bankruptcy a month later.
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