Icahn Sees $3.1 Billion In Wealth Evaporate After Hindenburg Research Report

The Hindenburg Research Report, released yesterday, has resulted in $3.1 billion in wealth evaporating for Carl Icahn.

The Bloomberg Billionaires index wiped away $10 billion in wealth from Carl Icahn after yesterday’s Hindenburg Research report, which called into question IEP’s dividend and portfolio marks.

The $10 billion plunge wasn’t just attributed to IEP’s fall on Tuesday, but was also due to a margin loan, collateralized by his stake in IEP, that the Billionaire’s Index hadn’t previously accounted for, the report says.

Icahn’s position on the Billionaire’s Index fell from 58th to 119th, Bloomberg notes.

In response to yesterday’s report, a mid-day statement from Icahn said it was “self-serving” and “intended solely to generate profits on Hindenburg’s short position.”

“We continue to believe that activism is the best paradigm for investing and my activist investments over the last 25 years have well proved this out. We regularly put our activist principles into effect at our majority-controlled companies as well as the minority positions held in our investment segment, and currently have representatives on 14 public company boards. Additionally, we believe strongly in hedging our positions to mitigate risk, especially in markets that we are living in today,” it continued.

Recall, yesterday, Hindenburg Research accused Icahn of “throwing stones from his own glass house”.

“Go First” has filed for bankruptcy with the National Company Law Tribunal in Delhi. Billionaire Nusli Wadia is blaming US engine maker Pratt & Whitney for the situation.

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