Carl Icahn
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Carl Celian Icahn (; born February 16, 1936) is an American financier. He is the founder and controlling shareholder of
Icahn Enterprises Icahn Enterprises L.P. is an American conglomerate headquartered at Milton Tower in Sunny Isles Beach, Florida. The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion. ...
, a
public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...
and diversified conglomerate
holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
based in Sunny Isles Beach. Icahn takes large stakes in companies that he believes will appreciate via changes to corporate policy and he then pressures management to make changes that he believes will benefit shareholders. He was one of the first
activist shareholder An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign. In comparison, a full ...
s and is credited with making that
investment strategy In finance, an investment strategy is a set of rules, behaviors or procedures, designed to guide an investor's selection of an investment portfolio. Individuals have different profit objectives, and their individual skills make different tactics a ...
mainstream for
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sho ...
s. In the 1980s, Icahn developed a reputation as a "
corporate raider A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...
" after profiting from the
hostile takeover In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to ...
and
asset stripping Asset stripping is a term used to refer to the practice of selling off a company's assets in order to improve returns for equity investors. In many cases where the term is used, a financial investor, referred to as a ' corporate raider', takes con ...
of
Trans World Airlines Trans World Airlines (TWA) was a major American airline which operated from 1930 until 2001. It was formed as Transcontinental & Western Air to operate a route from New York City to Los Angeles via St. Louis, Kansas City, and other stops, with F ...
. Icahn is on the ''Forbes'' 400 and has a
net worth Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net ...
of approximately $17 billion to $24 billion. Since 2011, Icahn no longer manages money for outside clients, although investors can invest in
Icahn Enterprises Icahn Enterprises L.P. is an American conglomerate headquartered at Milton Tower in Sunny Isles Beach, Florida. The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion. ...
.


Early life and education

Icahn was born in
Brooklyn Brooklyn () is a borough of New York City, coextensive with Kings County, in the U.S. state of New York. Kings County is the most populous county in the State of New York, and the second-most densely populated county in the United States, be ...
to an Ashkenazi Jewish family. He was raised in the
Far Rockaway, Queens Far Rockaway is a neighborhood on the eastern part of the Rockaway peninsula in the New York City borough of Queens. It is the easternmost section of the Rockaways. The neighborhood extends from Beach 32nd Street east to the Nassau County line ...
neighborhood of
New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, where he attended
Far Rockaway High School Far Rockaway High School was a public high school in New York City, at 821 Bay 25th Street in Far Rockaway in the borough of Queens. It operated from 1897 to 2011. Its alumni include three Nobel Prize laureates and convicted fraudster Bernard ...
. His father, Michael Icahn, a "sworn atheist", was a
cantor A cantor or chanter is a person who leads people in singing or sometimes in prayer. In formal Jewish worship, a cantor is a person who sings solo verses or passages to which the choir or congregation responds. In Judaism, a cantor sings and lead ...
, and later a substitute teacher. His mother, Bella (née Schnall) also worked as a schoolteacher. Icahn graduated from
Princeton University Princeton University is a private university, private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial Colleges, fourth-oldest ins ...
with an A.B. in
philosophy Philosophy (from , ) is the systematized study of general and fundamental questions, such as those about existence, reason, knowledge, values, mind, and language. Such questions are often posed as problems to be studied or resolved. Some ...
in 1957 after completing a senior thesis titled "The Problem of Formulating an Adequate Explication of the Empiricist Criterion of Meaning." He then entered
New York University School of Medicine NYU Grossman School of Medicine is a medical school of New York University, a private research university in New York City. It was founded in 1841 and is one of two medical schools of the university, with the other being the Long Island School of ...
, but he dropped out after two years to join the
military reserve force A military reserve force is a military organization whose members have military and civilian occupations. They are not normally kept under arms, and their main role is to be available when their military requires additional manpower. Reserve f ...
.


Business career


1961–2005

In 1961, Icahn began his career as a
stockbroker A stockbroker is a regulated broker, broker-dealer, or registered investment adviser (in the United States) who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks an ...
for
Dreyfus Corporation Dreyfus is an American investment management company that deals with investment products and strategies. It was established in 1951 and is currently headquartered in New York City. Dreyfus currently is a subsidiary of BNY Mellon Investment Man ...
. In 1963, he became an options manager for Tessel, Patrick & Co. and then he moved to Gruntal & Co. In 1968, with $150,000 of his own money and a $400,000 investment from his uncle, M. Elliot Schnall, Icahn bought a seat on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
and formed Icahn & Co., which focused on
risk arbitrage Risk arbitrage, also known as merger arbitrage, is an investment strategy that speculates on the successful completion of mergers and acquisitions. An investor that employs this strategy is known as an arbitrageur. Risk arbitrage is a type of even ...
and options trading. In 1978, in his first takeover attempt, he took a controlling stake in Tappan and forced the sale of the company to
Electrolux Electrolux AB () is a Swedish multinational home appliance manufacturer, headquartered in Stockholm. It is consistently ranked the world's second largest appliance maker by units sold, after Whirlpool. Electrolux products sell under a variety ...
, making a profit of $2.7 million, or doubling his investment. In 1979, he acquired Bayswater Realty & Capital Corporation. In 1983, he acquired ACF Industries and in 1985 he sold those shares to Phillips Petroleum, making a $50 million profit. In 1985, by pooling his funds with investor funds and funds borrowed from banks, Icahn acquired 50% of
Trans World Airlines Trans World Airlines (TWA) was a major American airline which operated from 1930 until 2001. It was formed as Transcontinental & Western Air to operate a route from New York City to Los Angeles via St. Louis, Kansas City, and other stops, with F ...
, and he completely acquired the company in a
leveraged buyout A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loan ...
in 1988. Icahn systematically sold TWA's assets to repay money he owed, which was described as "
asset stripping Asset stripping is a term used to refer to the practice of selling off a company's assets in order to improve returns for equity investors. In many cases where the term is used, a financial investor, referred to as a ' corporate raider', takes con ...
" and made him known as a "
corporate raider A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...
". In 1991, he sold TWA's London routes to
American Airlines American Airlines is a major airlines of the United States, major US-based airline headquartered in Fort Worth, Texas, within the Dallas–Fort Worth metroplex. It is the Largest airlines in the world, largest airline in the world when measured ...
for $445 million. Icahn made a $469 million profit, and left TWA with $540 million in debt. He formed lowestfare.com to sell TWA tickets and acquired portions of Global Leisure Travel from Ramy El-Batrawi. In October 1986, Icahn launched an unsuccessful $8 billion hostile takeover for 89% of
U.S. Steel United States Steel Corporation, more commonly known as U.S. Steel, is an American integrated steel producer headquartered in Pittsburgh, Pittsburgh, Pennsylvania, with production operations primarily in the United States of America and in severa ...
; the bid was dropped in January 1987. In 1991, he sold his stake in the company for $1 billion, making a $200 million profit. In June 1989, in the largest share sale to date on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
, Icahn sold his stake in
Texaco Texaco, Inc. ("The Texas Company") is an American Petroleum, oil brand owned and operated by Chevron Corporation. Its flagship product is its Gasoline, fuel "Texaco with Techron". It also owned the Havoline motor oil brand. Texaco was an Indepe ...
for $2 billion, making a profit of $700 million. In 1990, he offered to acquire
Pan Am Pan American World Airways, originally founded as Pan American Airways and commonly known as Pan Am, was an American airline that was the principal and largest international air carrier and unofficial overseas flag carrier of the United States ...
for $375 million. In 1994, he took a 6.6% interest in Western Company of North America as it was in the process of being acquired by BJ Services. In February 1997, Icahn sold his 7.3% interest in RJR Nabisco for a $125 million profit. In June 1997, Icahn took control of
Marvel Comics Marvel Comics is an American comic book publishing, publisher and the flagship property of Marvel Entertainment, a divsion of The Walt Disney Company since September 1, 2009. Evolving from Timely Comics in 1939, ''Magazine Management/Atlas Co ...
in a rivalry with
Ronald Perelman Ronald Owen Perelman (; born January 1, 1943) is an American banker, businessman and investor. MacAndrews & Forbes Incorporated, his company, has invested in companies with interests in groceries, cigars, licorice, makeup, cars, photography, t ...
. In March 1998, he again bid for
Pan Am Pan American World Airways, originally founded as Pan American Airways and commonly known as Pan Am, was an American airline that was the principal and largest international air carrier and unofficial overseas flag carrier of the United States ...
, offering $43 million. In December 1998, Icahn led an investor group that acquired a 5% stake in RJR Nabisco and pressured the company's management to separate its tobacco and food units. In July 2001, Icahn's Riverdale, LLC lent Genesisintermedia $100 million and received options to purchase 5.5 million shares of the company at an average price of $5.09. In 2004, Icahn began raising $3 billion to form Icahn Partners, a
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sho ...
. He took ownership stakes in Blockbuster Video and
Time Warner Warner Media, LLC ( traded as WarnerMedia) was an American multinational mass media and entertainment conglomerate. It was headquartered at the 30 Hudson Yards complex in New York City, United States. It was originally established in 1972 by ...
. In 2004, after
Mylan Mylan N.V. was a global generic and specialty pharmaceuticals company. In November 2020, Mylan merged with Upjohn, Pfizer's off-patent medicine division, to form Viatris. Previously, the company was domiciled in the Netherlands, with principal e ...
announced a $4 billion stock deal to acquire
King Pharmaceuticals King Pharmaceuticals, is a pharmaceutical company, a wholly owned subsidiary of Pfizer based in Bristol, Tennessee. Before being acquired by Pfizer, it was the world's 39th largest pharmaceutical company. On October 12, 2010, King was acquired by ...
, Icahn purchased a large block of stock and threatened a
proxy fight A proxy fight, proxy contest or proxy battle (sometimes even called a proxy war) is an unfriendly contest for the control over an organization. The event usually occurs when a corporation's stockholders develop opposition to some aspect of the corp ...
, urging shareholders to vote against the acquisition. In February 2005, Mylan gave up its efforts to acquire King.


2005–2010

In 2005,
XO Communications XO Communications, LLC (previously Nextlink Communications, Concentric Network Corporation and Allegiance Telecom, Inc.) was an American telecommunications company. Before being purchased by and later absorbed by Verizon Communications. XO provid ...
announced its intention to sell the wired part of its business for $700 million to Icahn, who was then chairman and a large shareholder; the money would be used to pay back its debts and to buy back its preferred stock for about $600 million from Icahn. Icahn would have then owned the wired business outright, and still own his 60% stake in XO. Despite Icahn's majority ownership and the board of directors declaring the deal to be in the best interest of shareholders, R2 and other minority shareholders blocked the transaction through the court system in 2008, which charged Icahn with penalties due to his
conflict of interest A conflict of interest (COI) is a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another. Typically, this relates to situations i ...
. In August 2006, Icahn bought stock in
Take-Two Interactive Take-Two Interactive Software, Inc. is an American video game holding company based in New York City and founded by Ryan Brant in September 1993. The company owns two major publishing labels, Rockstar Games and 2K, which operate internal g ...
, a video game publisher, and increased his holdings to 11.3% in 2009, becoming the company's second-largest shareholder. In January 2007, he purchased a 9.2% stake in
Telik Telik, Inc. was set up in 1988 and was reverse merged into privately held MabVax in May 2014. The major drug of the company was TELINTRA, an investigational agent that was in development for the treatment of myelodysplastic syndrome A myelodysp ...
, a biotech company engaged in cancer research. He also acquired 6.1 million shares of WCI Communities, later acquired by
Lennar Lennar Corporation is a home construction company based in the census-designated place of Fontainebleau, Florida, with a Miami postal address. In 2021, the company was the second-largest home construction company in the United States based on the ...
. In May 2007, Icahn lost an election for a seat on the board of directors of Motorola, despite owning 3% of the company. On February 9, 2007,
Lear Corporation Lear Corporation is an American company that manufactures automotive seating and automotive electrical systems. In 2019, it ranked #147 and in 2018, it ranked #148 on the Fortune 500 list. Early stages Lear Corporation was launched as American ...
's board of directors accepted a $2.3 billion takeover offer from Icahn. That month he also invested $50 million in Motricity, a North Carolina-based provider of mobile content delivery technology. In September 2007, Icahn increased his stake in
BEA Systems BEA Systems, Inc. was a company that specialized in enterprise infrastructure software products which was wholly acquired by Oracle Corporation on April 29, 2008. History BEA began as a software company, founded in 1995 and headquartered in ...
to 13.22%, a few months before
Oracle Corporation Oracle Corporation is an American multinational computer technology corporation headquartered in Austin, Texas. In 2020, Oracle was the third-largest software company in the world by revenue and market capitalization. The company sells da ...
announced its acquisition of BEA Systems, which Icahn supported. Beginning in 2007, Icahn gradually increased his stake in
Biogen Biogen Inc. is an American multinational biotechnology company based in Cambridge, Massachusetts, specializing in the discovery, development, and delivery of therapies for the treatment of neurological diseases to patients worldwide. History ...
. In April 2007, Icahn sold his
casino A casino is a facility for certain types of gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shopping, cruise ships, and other tourist attractions. Some casinos are also known for hosting live entertai ...
interests in
Nevada Nevada ( ; ) is a U.S. state, state in the Western United States, Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. N ...
, including the
Stratosphere Las Vegas The Strat Hotel, Casino and SkyPod (formerly the Stratosphere) is a hotel and casino located in Las Vegas, Nevada, United States. It includes a observation tower, the tallest in the United States. It is also the second-tallest observation tower ...
,
Arizona Charlie's Boulder Arizona Charlie's Boulder is a 301-room hotel and a locals casino located in Paradise, Nevada, United States. It is owned and operated by Golden Entertainment. It is located on Boulder Highway between Boulder Station and Sam's Town. History A ...
,
Arizona Charlie's Decatur Arizona Charlie's Decatur is a 258-room hotel and casino with a locals casino in the Charleston Heights area of Las Vegas, Nevada, United States. It is owned and operated by Golden Entertainment. History Arizona Charlie's Decatur (and Arizona ...
, and
Aquarius Casino Resort The Aquarius Casino Resort (formerly Flamingo Hilton Laughlin and Flamingo Laughlin) is a hotel and casino located on the banks of the Colorado River in Laughlin, Nevada. It is owned and operated by Golden Entertainment and is the largest hotel ...
which were operated through
American Casino & Entertainment Properties American Casino & Entertainment Properties (ACEP) owned and operated 4 casinos. It was purchased by Golden Entertainment in October 2017 for $850 million. ACEP was a casino holding company headquartered at the Stratosphere Las Vegas. ACEP was a wh ...
, a subsidiary of Icahn Enterprises, for $1.3 billion or $1 billion more than he paid for the properties, to a unit of
Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
. In March 2008, Icahn sued Motorola as part of his effort to gain four seats on Motorola's board and force a sale of its mobile business. In May 2008, Icahn purchased a large block of shares in
Yahoo! Yahoo! (, styled yahoo''!'' in its logo) is an American web services provider. It is headquartered in Sunnyvale, California and operated by the namesake company Yahoo Inc., which is 90% owned by investment funds managed by Apollo Global Man ...
, and shortly thereafter threatened to start a proxy fight to remove Yahoo's board of directors in response to their rejection of a takeover bid by
Microsoft Microsoft Corporation is an American multinational technology corporation producing computer software, consumer electronics, personal computers, and related services headquartered at the Microsoft Redmond campus located in Redmond, Washing ...
. Instead, he forced an agreement to expand Yahoo's board to eleven members, including Icahn and two others of his choice. In June 2008, Icahn launched a
blog A blog (a truncation of "weblog") is a discussion or informational website published on the World Wide Web consisting of discrete, often informal diary-style text entries (posts). Posts are typically displayed in reverse chronological order ...
, ''The Icahn Report''. In September/October 2008 Icahn was involved in the rejected attempted purchase of Imclone by
Bristol-Myers Squibb The Bristol Myers Squibb Company (BMS) is an American multinational pharmaceutical company. Headquartered in New York City, BMS is one of the world's largest pharmaceutical companies and consistently ranks on the ''Fortune'' 500 list of the lar ...
and in the eventual sale of
Imclone ImClone Systems Incorporated was a biopharmaceutical company dedicated to developing biologic medicines in the area of oncology. It was founded in 1984 and had its corporate headquarters in Bridgewater, New Jersey, and its research headquarters i ...
to
Eli Lilly and Company Eli Lilly and Company is an American pharmaceutical company headquartered in Indianapolis, Indiana, with offices in 18 countries. Its products are sold in approximately 125 countries. The company was founded in 1876 by, and named after, Colonel ...
for $6.5 billion in cash. In December 2008, he filed suit against
Realogy Anywhere Real Estate Inc., formerly Realogy (), is an American publicly owned real estate services company. It owns and franchises several real estate brands and brokerages, and offers consumer programs, lead generation, relocation, and title ...
over a proposed debt swap. In April 2009, Icahn engaged in a proxy battle for Amylin. In September 2009, he offered to buy the shares of XO he did not already own for $0.55 each. He later raised his offer to $0.80, which ultimately expired. In October, he resigned from the board of directors at Yahoo!, and by the following February had reduced his equity stake from a one-time high of 75 million shares to 12 million shares. In February 2010, Icahn, through a subsidiary of his Icahn Enterprises LP, acquired the
Fontainebleau Las Vegas The Fontainebleau Las Vegas (formerly The Drew Las Vegas) is a hotel and casino currently under construction on the Las Vegas Strip in Winchester, Nevada, Winchester, Nevada. It is on the site previously occupied by the El Rancho Hotel and Casino ...
for about $150 million. In March he was one of a group of lenders who purchased
Tropicana Casino & Resort Atlantic City Tropicana Atlantic City, also known as The Trop and previously as TropWorld Resort, is a resort, casino hotel located on the beach and Boardwalk in Atlantic City, New Jersey. It is owned by Gaming and Leisure Properties and operated by Caesars ...
, bringing the company out of bankruptcy for $200 million. In March 2011, he conducted a failed takeover bid for
Lionsgate Films Lionsgate Films (formerly known as Cinépix Film Properties) is an American film production and film distribution studio, headquartered in Santa Monica and founded in Canada, and is the flagship division of Lionsgate Entertainment. It is the larg ...
. In May 2010, he announced the purchase of an 8.54% stake in Lawson Software.


2010–2015

In May 2010, Icahn held a 6.9% stake in Mentor Graphics, increasing to 14% in July. Mentor's retaliation with a
shareholder rights plan A shareholder rights plan, colloquially known as a "poison pill", is a type of defensive tactic used by a corporation's board of directors against a takeover. In the field of mergers and acquisitions, shareholder rights plans were devised in the ...
failed to deter Icahn who, in February 2011, made an unsuccessful offer to buy the company for about $1.86 billion in cash. In January 2011, Icahn offered to buy Clorox for $10.2 billion. By February he had accumulated a 9.08% stake in the company. In October 2012, Icahn reported a 10% stake in
Netflix Netflix, Inc. is an American subscription video on-demand over-the-top streaming service and production company based in Los Gatos, California. Founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California, it offers a fil ...
. In November 2012, he tried to gain control of the board of directors of
Oshkosh Corporation Oshkosh Corporation, formerly Oshkosh Truck, is an American industrial company that designs and builds specialty trucks, military vehicles, truck bodies, airport fire apparatus, and access equipment. The corporation also owns Pierce Manufact ...
. In February 2013, Forbes listed Icahn as one of the 40 highest-earning hedge fund managers. By April 2013, Icahn accumulated a 9.2% stake in
Nuance Communications Nuance Communications, Inc. is an American multinational computer software technology corporation, headquartered in Burlington, Massachusetts, that markets speech recognition and artificial intelligence software. Nuance merged with its compe ...
. On August 2, 2013, Icahn sued computer giant
Dell Dell is an American based technology company. It develops, sells, repairs, and supports computers and related products and services. Dell is owned by its parent company, Dell Technologies. Dell sells personal computers (PCs), servers, data ...
and its board in an attempt to derail a $24.4 billion buyout bid by the CEO,
Michael Dell Michael Saul Dell (born February 23, 1965) is an American billionaire businessman and philanthropist. He is the founder, chairman, and CEO of Dell Technologies, one of the world's largest technology infrastructure companies. He is ranked the 2 ...
, in favor of his own rumored forthcoming bid. In October 2013, Icahn held 4.7 million shares of
Apple Inc. Apple Inc. is an American multinational technology company headquartered in Cupertino, California, United States. Apple is the largest technology company by revenue (totaling in 2021) and, as of June 2022, is the world's biggest company ...
The same month, Icahn acquired around 61 million shares in
Talisman Energy Talisman Energy Inc. was a Canadian independent petroleum company that existed between 1993 and 2015. The company was created from the assets of BP Canada after British Petroleum divested its 57 percent stake in June 1992. It was one of Canada ...
, leading to a surge in the share price. Also that month, he sold about 50% of his shares in Netflix for a profit in excess of $800 million in less than one year. In November 2013, he acquired a 12.5% interest in
Hologic Hologic, Inc. is a medical technology company primarily focused on women’s health; it sells medical devices for diagnostics, surgery, and medical imaging. History In late November 2013, activist investor Carl Icahn disclosed a 12.5% stake in ...
, a medical device and diagnostics manufacturer. In January 2014, Icahn invested another half billion dollars in
Apple Inc. Apple Inc. is an American multinational technology company headquartered in Cupertino, California, United States. Apple is the largest technology company by revenue (totaling in 2021) and, as of June 2022, is the world's biggest company ...
Also in January 2014, Icahn pushed
eBay eBay Inc. ( ) is an American multinational e-commerce company based in San Jose, California, that facilitates consumer-to-consumer and business-to-consumer sales through its website. eBay was founded by Pierre Omidyar in 1995 and became a ...
to complete the
corporate spin-off A corporate spin-off, also known as a spin-out, or starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. Characte ...
of
PayPal PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper ...
. This started a proxy fight which was settled by April. In October 2014, Icahn invested in
Talisman Energy Talisman Energy Inc. was a Canadian independent petroleum company that existed between 1993 and 2015. The company was created from the assets of BP Canada after British Petroleum divested its 57 percent stake in June 1992. It was one of Canada ...
. The company's stock price went down by 71% and he sold his shares two months later.


2015–present

On May 15, 2015, Icahn made a $100 million investment in
Lyft Lyft, Inc. offers mobility as a service, ride-hailing, vehicles for hire, motorized scooters, a bicycle-sharing system, rental cars, and food delivery in the United States and select cities in Canada. Lyft sets fares, which vary using a dyn ...
. In November 2015, Icahn hired
CBRE Group CBRE Group, Inc. is an American commercial real estate services and investment firm. The abbreviation CBRE stands for Coldwell Banker Richard Ellis. It is the world's largest commercial real estate services and investment firm (based on 2021 reven ...
to market the unfinished
Fontainebleau Las Vegas The Fontainebleau Las Vegas (formerly The Drew Las Vegas) is a hotel and casino currently under construction on the Las Vegas Strip in Winchester, Nevada, Winchester, Nevada. It is on the site previously occupied by the El Rancho Hotel and Casino ...
to potential buyers. Also in November 2015, he swapped his stake in eBay for shares in
PayPal PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper ...
. Also in November 2015, Icahn disclosed a 7.13% stake in
Xerox Xerox Holdings Corporation (; also known simply as Xerox) is an American corporation that sells print and electronic document, digital document products and services in more than 160 countries. Xerox is headquartered in Norwalk, Connecticut (ha ...
. In December 2015, Icahn offered to acquire Pep Boys. He also raised his stake in
Cheniere Energy Cheniere Energy, Inc. is a liquefied natural gas (LNG) company headquartered in Houston, Texas. In February 2016 it became the first US company to export liquefied natural gas. As of 2018 it is a Fortune 500 company. Company history Initially ...
to 13.8%, making him its largest shareholder. In August 2017, Icahn sold the unfinished
Fontainebleau Resort Las Vegas The Fontainebleau Las Vegas (formerly The Drew Las Vegas) is a hotel and casino currently under construction on the Las Vegas Strip in Winchester, Nevada. It is on the site previously occupied by the El Rancho Hotel and Casino and the Algiers H ...
for $600 million, more than four times what he paid. In January 2016, Icahn disclosed a 4.66% stake in
Gannett Company Gannett Co., Inc. () is an American mass media holding company headquartered in McLean, Virginia, in the Washington, D.C., metropolitan area.Herbalife Nutrition Herbalife Nutrition Ltd., also called Herbalife International, Inc. (with a U.S. subsidiary called Herbalife International of America) or simply Herbalife, is a global multi-level marketing (MLM) corporation that develops and sells dietary supp ...
to 21%. Also in October 2016, Icahn closed the Trump Taj Mahal Casino in Atlantic City, citing a $350 million loss over several years as well as failure to reach a deal with striking union workers. Nearly 3,000 workers lost their jobs. In November 2016, he increased his holdings in the car rental company
The Hertz Corporation The Hertz Corporation is an American car rental company based in Estero, Florida. The company operates its namesake Hertz brand, along with the brands Dollar Rent A Car, Firefly Car Rental and Thrifty Car Rental. It is one of the three big re ...
, after the company's stock price had declined significantly. In 2017, Icahn acquired a 9.7% stake in
Conduent Conduent Inc. is an American business services provider company headquartered in Florham Park, New Jersey. It was formed in 2017 as a divestiture from Xerox. The company offers digital platforms for businesses and governments. , it had over 31 ...
, sold out of
Allergan Allergan plc is an American, Irish-domiciled pharmaceutical company that acquires, develops, manufactures and markets brand name drugs and medical devices in the areas of medical aesthetics, eye care, central nervous system, and gastroenterology. ...
and
Nuance Communications Nuance Communications, Inc. is an American multinational computer software technology corporation, headquartered in Burlington, Massachusetts, that markets speech recognition and artificial intelligence software. Nuance merged with its compe ...
, and increased his stakes in
Navistar International Navistar, Inc is an American holding company created in 1986 as the successor to International Harvester. Navistar operates as the owner of International-branded trucks and diesel engines. The company also produces buses under the IC Bus br ...
and
Herbalife Nutrition Herbalife Nutrition Ltd., also called Herbalife International, Inc. (with a U.S. subsidiary called Herbalife International of America) or simply Herbalife, is a global multi-level marketing (MLM) corporation that develops and sells dietary supp ...
. In May 2020, Icahn sold his entire 39% stake, or 55.3 million shares, of Hertz Global for 72 cents a share. He lost almost $2 billion on the investment. In February 2022 Icahn, who held 200 shares of the company, nominated two people for election to McDonald's board of directors in what may be the first step toward a proxy fight. Icahn aims to pressure McDonald's to improve conditions of pigs raised by its suppliers. However, in May 2022, only 1% of McDonald's' shareholders voted in favor of nominees put forward by Icahn, scoring a victory against his demands for the improvement of conditions in which pigs are raised. In its statement, Mcdonald's claimed it is already moving toward a more humane approach to the issue since its pledge in 2012, adding that Icahn's demands were unreasonable.


Public policy and economic views

Icahn endorsed
Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump graduated from the Wharton School of the University of Pe ...
in the
2016 United States presidential election The 2016 United States presidential election was the 58th quadrennial presidential election, held on Tuesday, November 8, 2016. The Republican ticket of businessman Donald Trump and Indiana governor Mike Pence defeated the Democratic ticket ...
. He also announced the formation of a super PAC pledging $150 million to push for corporate tax reform, in particular of tax inversions, which occur when corporations move their headquarters from the U.S. to take advantage of lower tax rates elsewhere. Upon becoming the presumptive Republican presidential nominee, Trump announced that he would nominate Icahn for
United States Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
. However, he instead nominated Steven Mnuchin. On December 21, 2016, it was announced that Icahn would serve as special advisor to the president on regulatory reform under President
Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump graduated from the Wharton School of the University of Pe ...
and that Icahn would aid Trump in an "individual capacity" rather than as a federal employee, and that he would not have "specific duties" and therefore would not have to relinquish his business interests while serving as an advisor to Trump. Icahn stepped down from this role on August 18, 2017, citing a desire not to interfere with the work of
Neomi Rao Neomi Jehangir Rao (born March 22, 1973) is an American jurist and legal scholar who serves as a federal appellate judge on the U.S. Court of Appeals for the District of Columbia Circuit. She was appointed by President Donald Trump in 2019, hav ...
as administrator of the Office of Information and Regulatory Affairs. In February 2018, Icahn avoided a $6 million loss by selling some of his holdings in a steel-price sensitive stock just days before the Trump administration announced a 25% tariff on steel imports. When the President had Icahn interview
Scott Pruitt Edward Scott Pruitt (born May 9, 1968) is an American lawyer, lobbyist and Republican politician from the state of Oklahoma. He served as the fourteenth Administrator of the Environmental Protection Agency (EPA) from February 17, 2017, to Jul ...
during consideration of his nomination as
Administrator of the Environmental Protection Agency The administrator of the Environmental Protection Agency is the head of the United States Environmental Protection Agency (EPA), and is thus responsible for enforcing the nation's Clean Air and Clean Water Acts, as well as numerous other environ ...
, Icahn specifically asked Pruitt about his position on the EPA's
Renewable Fuel Standard The Renewable Fuel Standard (RFS) is an American federal program that requires transportation fuel sold in the United States to contain a minimum volume of renewable fuels. It originated with the Energy Policy Act of 2005 and was expanded and exte ...
. Icahn spoke directly to President Trump and to Gary Cohn about his proposed changes to the ethanol rule. CVR Energy, in which Icahn has 82% ownership, would save $205.9 million a year if Icahn's proposal was adopted. The
Sugar Land, Texas Sugar Land is the largest city in Fort Bend County, Texas, United States, located in the southwestern part of the metropolitan area. Located about southwest of downtown Houston, Sugar Land is a populous suburban municipality centered around th ...
oil refinery benefited when President Trump made an exception to his regulation freeze to expand the tax advantage of
master limited partnership In the United States, a master limited partnership (MLP) or publicly traded partnership (PTP) is a publicly traded entity taxed as a partnership. It combines the tax benefits of a partnership with the liquidity of publicly traded securities. To ...
s. CVR Energy's stock doubled after President Trump's election, increasing $455 million in value.


Personal life

In the summer of 1978, Icahn, then 41-years old, met Liba Trejbal, a 28-year old ballerina from the former
Czechoslovakia , rue, Чеськословеньско, , yi, טשעכאסלאוואקיי, , common_name = Czechoslovakia , life_span = 1918–19391945–1992 , p1 = Austria-Hungary , image_p1 ...
. She became pregnant 8 months later and Icahn offered to marry her if she signed a
prenuptial agreement A prenuptial agreement, antenuptial agreement, or premarital agreement (commonly referred to as a prenup), is a written contract entered into by a couple prior to marriage or a civil union that enables them to select and control many of the leg ...
. They were married in March 1979. In October 1993, Liba filed for divorce and sued to invalidate the
prenuptial agreement A prenuptial agreement, antenuptial agreement, or premarital agreement (commonly referred to as a prenup), is a written contract entered into by a couple prior to marriage or a civil union that enables them to select and control many of the leg ...
, claiming she signed it under duress due to the pregnancy. The divorce was settled in July 1999. They have two children,
Brett Icahn Brett Icahn (born August 19, 1979) is an American businessman, investor, and philanthropist. Early life His father is billionaire investor Carl Icahn (born 1936), majority shareholder of Icahn Enterprises, and his mother is Liba Trejbal, a forme ...
and Michelle Celia Icahn Nevin. His nephew is
Rick Schnall Rick may refer to: People *Rick (given name), a list of people with the given name *Alan Rick (born 1976), Brazilian politician, journalist, pastor and television personality *Johannes Rick (1869–1946), Austrian-born Brazilian priest and mycol ...
. In 1999, Icahn married his longtime assistant and former broker, Gail Golden. She has two children from a previous marriage.


Philanthropy

Icahn Stadium Icahn Stadium is a 5,000 seat track and field and multipurpose facility located on Randalls Island in Manhattan, New York City. Designed within the former site of Downing Stadium, it opened on April 23, 2005. Icahn Stadium is named after Ame ...
on
Randall's Island Randalls Island (sometimes called Randall's Island) and Wards Island are conjoined islands, collectively called Randalls and Wards Islands, in New York County, New York City,
in New York City is named after him, as is the Carl C. Icahn Center for Science and Icahn Scholar Program at
Choate Rosemary Hall Choate Rosemary Hall (often known as Choate; ) is a private, co-educational, college-preparatory boarding school in Wallingford, Connecticut, United States. Choate is currently ranked as the second best boarding school and third best private high ...
, a prep school in Connecticut. This organization pays for tuition, room and board, books, and supplies for 10 students every year for four years (freshman–senior), an endowment valued at about $400,000 per annum. Icahn made a substantial contribution to his alma mater,
Princeton University Princeton University is a private university, private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial Colleges, fourth-oldest ins ...
, to fund a
genomics Genomics is an interdisciplinary field of biology focusing on the structure, function, evolution, mapping, and editing of genomes. A genome is an organism's complete set of DNA, including all of its genes as well as its hierarchical, three-dim ...
laboratory A laboratory (; ; colloquially lab) is a facility that provides controlled conditions in which scientific or technological research, experiments, and measurement may be performed. Laboratory services are provided in a variety of settings: physicia ...
which bears his name, the Carl C. Icahn Laboratory at the university's Institute for Integrated Genomics. He also made large contributions to
Mount Sinai Hospital, New York Mount Sinai Hospital, founded in 1852, is one of the oldest and largest teaching hospitals in the United States. It is located in East Harlem in the New York City borough of Manhattan, on the eastern border of Central Park stretching along Madis ...
, of which he is a trustee, which in return named a building the Icahn Medical Institute designed by
Davis Brody Bond Davis Brody Bond is an American architectural firm headquartered in New York City, New York, with additional offices in Washington, DC and São Paulo, Brazil. The firm is named for Lewis Davis, Samuel Brody, and J. Max Bond Jr. and is le ...
, and also, in 2013, renamed the Mount Sinai School of Medicine as the
Icahn School of Medicine at Mount Sinai The Icahn School of Medicine at Mount Sinai (ISMMS or Mount Sinai), formerly the Mount Sinai School of Medicine, is a private medical school in New York City. It is the academic teaching arm of the Mount Sinai Health System, which manages eig ...
. The genomics institute led by
Eric Schadt Eric Emil Schadt (born January 31, 1965) is an American mathematician and computational biologist. He is founder and former chief executive officer of Sema4, a patient-centered health intelligence company, and dean for precision medicine and Mou ...
was renamed the Icahn Institute for Genomics and Multiscale Biology. His foundation, the
Children's Rescue Fund Carl Celian Icahn (; born February 16, 1936) is an American financier. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach. Icahn takes l ...
, built Icahn House in
The Bronx The Bronx () is a borough of New York City, coextensive with Bronx County, in the state of New York. It is south of Westchester County; north and east of the New York City borough of Manhattan, across the Harlem River; and north of the New Y ...
, a 65-unit complex for homeless families consisting of single pregnant women and single women with children, and operates Icahn House East and Icahn House West, both of which are homeless shelters in New York City. In 2010, Icahn joined the
Giving Pledge The Giving Pledge is a campaign to encourage extremely wealthy people to contribute a majority of their wealth to philanthropic causes. , the pledge has 236 signatories from 28 countries. Most of the signatories of the pledge are billionaires, a ...
list, pledging to give away more than half his fortune. Icahn is an activist investor, and has worked with the
Humane Society of the United States The Humane Society of the United States (HSUS) is an American nonprofit organization that focuses on animal welfare and opposes animal-related cruelties of national scope. It uses strategies that are beyond the abilities of local organizations. ...
in pushing
McDonald's McDonald's Corporation is an American Multinational corporation, multinational fast food chain store, chain, founded in 1940 as a restaurant operated by Richard and Maurice McDonald, in San Bernardino, California, United States. They rechri ...
to achieve its pledge to end the sourcing of pork produced with
gestation crates A gestation crate, also known as a sow stall, is a metal enclosure in which a farmed sow used for breeding may be kept during pregnancy.Wilson G. Pond, Fuller W. Bazer, Bernard E. Rollin (eds.), ''Animal Welfare in Animal Agriculture'', CRC Press ...
.


In the media

Carl Icahn is featured in the 2022
HBO Home Box Office (HBO) is an American premium television network, which is the flagship property of namesake parent subsidiary Home Box Office, Inc., itself a unit owned by Warner Bros. Discovery. The overall Home Box Office business unit is ba ...
documentary '' Icahn: The Restless Billionaire'' directed by
Bruce David Klein Bruce David Klein is a producer, director, and writer of television, film, and digital entertainment. He is the founder of Atlas Media Corp. and serves as its president and executive producer. On the television front, Klein was an early innovator ...
and Produced by
Atlas Media Corp Atlas Media Corp. is a New York-based independent production company of non-fiction entertainment. The company was founded in 1989 by Bruce David Klein and produces television series and specials, theatrical documentaries, and digital web seri ...
.


Awards and honors

Icahn has the following awards: * Golden Plate Award of the American
Academy of Achievement The American Academy of Achievement, colloquially known as the Academy of Achievement, is a non-profit educational organization that recognizes some of the highest achieving individuals in diverse fields and gives them the opportunity to meet o ...
in 1984, *
Starlight Foundation Starlight Children's Foundation is a nonprofit organization founded in 1982. Starlight's programs include providing hospital wear, games, and deliveries to hospitalized children. The programs are provided directly to children through Starlight's ne ...
– Founders Award & 1990 Man of the Year Award. * Guardian Angel 2001 Man of the Year * In 2004, he was honored by the Center for Educational Innovation Public Education Association for his work with
charter school A charter school is a school that receives government funding but operates independently of the established state school system in which it is located. It is independent in the sense that it operates according to the basic principle of auto ...
s. * In 2006, he was honored with the
100 Women in Hedge Funds 100 Women in Finance, formerly 100 Women in Hedge Funds (100WHF), is a non-profit organization for professionals who work in the alternative investment and broader finance industry. The organization aims to strengthen women's presence in the fina ...
Effecting Change Award for his outstanding contributions to improving education.


Thoroughbred horse racing

In 1985, Icahn established Foxfield Thoroughbreds, a horse breeding operation. At that year's Newstead Farm Trust sale run by Fasig-Tipton, he paid $4 million for Larida, a 6-year-old mare and a record $7 million for the 4-year-old bay mare Miss Oceana who was in foal to champion sire,
Northern Dancer Northern Dancer (May 27, 1961 – November 16, 1990) was a Thoroughbred who, in 1964, became the first Canadian-bred horse to win the Kentucky Derby. He then became one of the most successful sires of the 20th century. He is considered a Canad ...
. Icahn's
Meadow Star Meadow Star (May 19, 1988 – April 11, 2002) was an American Thoroughbred Champion racehorse. She was described by Breeders' Cup Inc. as "one of the greatest 2-year-old fillies ever". Foaled in Florida, Meadow Star was bred by Jaime Carrion a ...
won the 1990 Breeders' Cup Juvenile Fillies and was voted the
American Champion Two-Year-Old Filly The American Champion Two-Year-Old Filly is an American Thoroughbred horse racing honor awarded annually to a female horse in Thoroughbred flat racing. It became part of the Eclipse Awards program in 1971. The award originated in 1936 when both t ...
. In 1992, Foxfield ended its racing operation and became a commercial breeder, having bred more than 140
graded stakes race A graded stakes race is a thoroughbred horse race in the United States that meets the criteria of the American Graded Stakes Committee of the Thoroughbred Owners and Breeders Association (TOBA). A specific grade level (I, II, III or listed) is the ...
horses. In 2004, Icahn shut down Foxfield, selling all his mares and weanlings without reserve at the Keeneland Sales November breeding stock auction.


See also

*
List of people and organisations named in the Paradise Papers This is a list of people and organisations named in the Paradise Papers as connected to offshore companies. The International Consortium of Investigative Journalists stated in their politicians database, as a disclaimer, "There are legitimate ...


References


Further reading

* *


External links

*
Profile of Carl Icahn
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...

Carl C. Icahn - Current Holdings

Carl Icahn: Business Insider

NexChange: Carl Icahn
{{DEFAULTSORT:Icahn, Carl 1936 births Living people 20th-century American businesspeople 21st-century philanthropists 21st-century American businesspeople American billionaires American casino industry businesspeople American chairpersons of corporations American chief executives of financial services companies American chief executives of manufacturing companies American chief executives of travel and tourism industry companies American corporate directors American derivatives traders American financial company founders American financiers American hedge fund managers American investors American manufacturing businesspeople American money managers American racehorse owners and breeders American stockbrokers American stock traders American venture capitalists BlackBerry Limited people Businesspeople from Queens, New York Corporate raiders Far Rockaway High School alumni Giving Pledgers Jewish activists Jewish American philanthropists Marvel Comics people New York University Grossman School of Medicine alumni People from Far Rockaway, Queens Philanthropists from New York (state) Princeton University alumni Shareholder-rights activists Stock and commodity market managers Trump administration personnel United States Army soldiers People from Brooklyn People named in the Paradise Papers