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Carl Icahn made a career out of cornering corporate giants — until his own empire became the target.
The billionaire activist's signature holding, Icahn Enterprises LP (NASDAQ:IEP), has collapsed nearly 80% since last year. A short-selling assault by Hindenburg Research erased roughly $13 billion from Icahn’s net worth and marked the steepest fall of his storied career.
Icahn’s net worth is down 75% since the Hindenburg short of May 2023.
For decades, Icahn thrived on using leverage as a weapon. But this time, it was the trap. He had pledged more than half his IEP stake as collateral for personal margin loans — a move that magnified his losses when Hindenburg accused his firm of "Ponzi-like" dividends and inflated valuations, per Hindenburg’s research.
As IEP stock cratered, lenders circled, forcing Icahn to renegotiate and pare back risk. What was once a masterclass in aggressive capitalism turned into a case study in overexposure.
Read Also: Icahn Enterprises Reports Q3 Earnings, Shares Move Higher
The pain didn't stop with IEP. CVR Energy Inc (NYSE:CVI), his second-largest holding, is down about 25% in a year. Bausch Health Companies Inc (NYSE:BHC), another long-time bet, cost him more than $700 million.
Despite a recent rebound in IEP's quarterly profits — fueled by CVR's strong refining margins — Icahn's concentrated strategy has proven costly. The same activism that made him a Wall Street legend is now testing the endurance of his empire.
At 89, Icahn isn't retreating. He's railing against the "index fund cartel" of BlackRock, Vanguard, and State Street, arguing they've killed true shareholder activism. And even as billions vanish, he still finds thrill in risk — betting on NFL games and, more symbolically, on himself.
Icahn once raided companies. Now he's battling to reclaim his own — proof that even the market's fiercest fighters can get cornered by their biggest bets.
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