Quotable: Icahn Enterprises will fight back

“The good news for IEP’s (Icahn Enterprises) investors is that we have Carl, the liquidity, the strategy and the know-how to fight back.”Icahn Enterprises’ response to Hindenburg


Person of interest: Carl Icahn

87-year-old Icahn has earned a reputation as an activist investor known for unlocking shareholder value at companies ranging from iPhone maker Apple to fast food chain McDonalds to streaming behemoth Netflix.


Icahn Enterprises’ financial standing, by the digits

84%: Share of the Company’s outstanding units owned by Icahn and his affiliates

$1.9 billion: How much cash Icahn Enterprises holds

$4 billion: Icahn Enterprises’ additional liquidity

$6.6 billion: Loss in Icahn Enterprises’ market capitalization the day after Hindenburg Research published the report.


$13.6 billion: Carl Icahn’s net worth as of May 9, almost half the $25 billion recorded at the end of April

More than 40%: Fall in Icahn Enterprises’ shares since the start of the Hindenburg saga.


A brief timeline of Hindenburg’s shorts this year

January: At the start of this year, Hindenburg went after the enterprise run by one of India’s richest men, Gautam Adani, accusing Adani of adding over $100 billion to his net worth over the last three years, largely through stock manipulation, fraud, and money laundering. Adani put out a 413-page rebuttal but the scrutiny didn’t stop. An expert panel recently submitted a report to the Supreme Court, which will start hearings on the matter tomorrow (May 12).


March: Hindenburg Research accuses Jack Dorsey’s payments firm Block of facilitating fraud against consumers and the government, avoiding regulation, dressing up predatory loans and fees as revolutionary technology, and misleading investors with inflated metrics. Block’s response impressed Wall Street and the stock bounced back.

May: Hindenburg Research chides Icahn Enterprises for its “Ponzi-like” structure.


Related stories

🎭 Who is behind Hindenburg, the research firm targeting the Adani group?

🎯 Activist investor Carl Icahn is Hindenburg Research’s latest short-selling target


💸 Jack Dorsey’s fintech company Block is being accused of facilitating criminal activity

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