Carl Icahn
American businessman and investor, founder of Icahn Enterprises, known as a pioneer of activist investing.
AviateHistory · via Wikipedia: Carl Icahn · CC0
Icahn is recognized as a pioneer among activist shareholders, and his approach is widely seen as having brought that strategy into common use by hedge funds.[1]
Quick Facts
- Office
- Special Advisor to the President on Regulatory Reform
- President
- Donald Trump
- Took office
- January 20, 2017
- Left office
- August 18, 2017
- Birth name
- Carl Celian Icahn
- Born
- 16 February 1936
- Birthplace
- New York City, U.S.
- Occupation
- Businessman
- investor
- philanthropist
- Corporate raider
Facts from the source article.
Life and work
He graduated from Princeton University in 1957 with a B.A. in philosophy after completing a senior thesis.[2] The Dreyfus Corporation employed Icahn as a stockbroker starting in 1961, marking the beginning of his professional life.[3] Using $150,000 of his own funds plus a $400,000 loan from his uncle M. Elliot Schnall, Icahn purchased a New York Stock Exchange seat in 1968 and established Icahn & Co.[4] By acquiring a controlling interest in Tappan in 1978 and compelling its sale to Electrolux, Icahn realized a $2.7 million gain.[5]
Icahn obtained a 50% stake in Trans World Airlines in 1985, and through a leveraged buyout gained full ownership of the airline in 1988.[6] To settle his debts, Icahn methodically liquidated TWA's assets, a practice that was labeled "asset stripping."[6] The hedge fund Icahn Partners was launched in 2004 after Icahn started raising $3 billion for it.[7] After 2011, Icahn has not taken on new outside clients for money management.[8]
What the cited sources add
A 2016 CNBC article reports that Icahn closed the Trump Taj Mahal casino, resulting in nearly 3,000 workers losing their jobs.[9] The St. Louis Magazine piece further reports that Icahn personally gained $469 million from that transaction, while TWA was left with $540 million in debt.[10] A 2020 CNN article reports that Icahn's investment in Hertz resulted in a loss of nearly $2 billion.[11][12]
References
- Wikipedia, "Carl Icahn" (CC BY-SA 4.0), which cites: Goldstein, "Billionaire Carl Icahn Discloses Subpoena Over Stock Trading", The New York Times, May 3, 2019 (original not read by us) en.wikipedia.org
- Wikipedia, "Carl Icahn" (CC BY-SA 4.0), which cites: Icahn, "The Problem of Formulating an Adequate Explication of the Empiricist Criterion of Meaning", 1957; "Carl C. Icahn Biography", Encyclopædia Britannica, June 11, 2023; Wile, "The Fabulous Life Of Carl Icahn – Investing King And Bill Ackman's Nemesis", Business Insider, January 26, 2013 (original not read by us) en.wikipedia.org
- Wikipedia, "Carl Icahn" (CC BY-SA 4.0), which cites: Auletta, "The Raid – How Carl Icahn came up short.", March 12, 2006; "Carl C. Icahn Biography", Encyclopædia Britannica, June 11, 2023 (original not read by us) en.wikipedia.org
- Wikipedia, "Carl Icahn" (CC BY-SA 4.0), which cites: Auletta, "The Raid – How Carl Icahn came up short.", March 12, 2006; Feinberg, "Carl Icahn: Better Investor Than Buffett?", Kiplinger's Personal Finance (original not read by us) en.wikipedia.org
- Wikipedia, "Carl Icahn" (CC BY-SA 4.0), which cites: "About" (we also read that source) en.wikipedia.org
- Wikipedia, "Carl Icahn" (CC BY-SA 4.0), which cites: Kiviat, "10 Questions for Carl Icahn", February 15, 2007 (original not read by us) en.wikipedia.org
- Wikipedia, "Carl Icahn" (CC BY-SA 4.0), which cites: "Carl Icahn Fast Facts", CNN, January 31, 2021 (original not read by us) en.wikipedia.org
- Wikipedia, "Carl Icahn" (CC BY-SA 4.0), which cites: Herbst-Bayliss, "Icahn to return his clients' money", Reuters, March 8, 2011 (original not read by us) en.wikipedia.org
- Jeffery, "Trump Taj Mahal closes after 26 years; 5th casino casualty", CNBC, October 10, 2016. facts only, no text reused. cnbc.com
- Grant, "TWA – Death Of A Legend", St. Louis Magazine, October 2005. facts only, no text reused. stlmag.com
- Isidore, "Carl Icahn lost $2 billion betting on Hertz", CNN, May 28, 2020. facts only, no text reused. cnn.com
- Wikipedia, "Carl Icahn" (CC BY-SA 4.0), which cites: Isidore, "Carl Icahn lost $2 billion betting on Hertz", CNN, May 28, 2020 (we also read that source) en.wikipedia.org
Each numbered sentence above was checked against the source it cites before publication. Sentences citing Wikipedia adapt text from the English Wikipedia article Carl Icahn (contributors), used under CC BY-SA 4.0; this entry is available under the same licence. Other sources were used for facts only; no text or images are copied from them.
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