Icahn Enterprises L.P. is an American

publicly traded A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

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 o ...

and conglomerate headquartered at Milton Tower in

Sunny Isles Beach, Florida Sunny Isles Beach (SIB or more commonly Sunny Isles, and officially the City of Sunny Isles Beach) is a city located on a barrier island in northeast Miami-Dade County, Florida, United States. The city is part of the Miami metropolitan area of So ...

. The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion. The company is controlled by

Carl Icahn Carl Celian Icahn (; born February 16, 1936) is an American businessman and investor. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach, ...

, who owns 86 percent of it.

History

The company was incorporated on February 17, 1987. In 2006, the company sold the

Sands Atlantic City Sands Atlantic City was a casino and hotel that operated from August 13, 1980 until November 11, 2006 in Atlantic City, New Jersey. It was formerly known as the Brighton Hotel & Casino. It consisted of a 21-story hotel tower with 532 rooms and ...

hotel in

Atlantic City, New Jersey Atlantic City, sometimes referred to by its initials A.C., is a Jersey Shore seaside resort city (New Jersey), city in Atlantic County, New Jersey, Atlantic County, in the U.S. state of New Jersey. Atlantic City comprises the second half of ...

and several of the adjacent lots for $274.8 million to

Pinnacle Entertainment Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mis ...

. In April 2007, the company sold its

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 ...

to an affiliate of

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

, for $1.3 billion. In September 2007, American Real Estate Partners, another entity controlled by Icahn, merged with the firm and changed its name to Icahn Enterprises L.P. In 2008, the company acquired PSC Metals for $335 million. In February 2016, Icahn Enterprises purchased

Trump Entertainment Resorts Trump Entertainment Resorts, Inc. was a gambling and hospitality company. The company previously owned and operated the now-demolished Trump Plaza and Trump World's Fair (both in Atlantic City), the now-closed Trump Marina, Trump Casino & Hot ...

, which owned the

Hard Rock Hotel & Casino Atlantic City The Hard Rock Hotel & Casino Atlantic City, formerly Trump Taj Mahal, is a casino and hotel on the List of boardwalks in the United States#Atlantic City, Boardwalk, owned by Hard Rock Cafe, Hard Rock International, in Atlantic City, New Jersey ...

. The company sold the casino to the owners of

Hard Rock Cafe Hard Rock Cafe, Inc. is a chain of theme restaurant, theme bar-restaurants, memorabilia shops, casinos, hotels and museums founded in 1971 by Isaac Tigrett and Peter Morton in London. In 1979, the cafe began covering its walls with rock and roll ...

for $50 million in May 2017 - which represented a recuperation of just 4 cents on the dollar. Also in February 2016, the company acquired

Pep Boys Pep Boys is an American automotive aftermarket service chain. Originally named Pep Auto Supply, the company was founded in Philadelphia, Pennsylvania, in 1921 by Emanuel "Manny" Rosenfeld, Maurice "Moe" Strauss, W. Graham "Jack" Jackson, and Moe ...

. In January 2017, the company acquired

Federal-Mogul Federal-Mogul Corporation is an American developer, manufacturer, and supplier of products for automotive, commercial, aerospace, marine, rail, and off-road vehicles, as well as industrial, agricultural, and power-generation applications. It wa ...

. In June 2017, the company acquired Precision Auto Care, a chain of over 250 vehicle repair shops. In August 2017, the company sold the property formerly known as the

Fontainebleau Resort Las Vegas The Fontainebleau Las Vegas is a luxury resort and casino on the Las Vegas Strip in Winchester, Nevada. It is owned and operated by Fontainebleau Development and is a sister property to Fontainebleau Miami Beach, and sits on the site previousl ...

for $600 million. The company had acquired the property in 2010 for $148 million. In October 2017, the company acquired American Driveline Systems. The company had 89,034 employees as of 2017. In October 2020, Carl Icahn announced his son Brett would succeed him as chairman of Icahn Enterprises and CEO of its investment subsidiary Icahn Capital LP. In November 2020, Icahn Enterprises reported third quarter losses of $714 million, compared to a loss of $49 million the same quarter the previous year. On January 31, 2023, one of its subsidiaries, Auto Plus, filed for

Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

, and

spun off into its own company.

Hindenburg Research

In May 2023, short seller

Hindenburg Research Hindenburg Research LLC was a U.S. investment research firm with a focus on activist short-selling founded by Nathan Anderson in 2017. Named after the 1937 ''Hindenburg'' disaster, which they characterize as a human-made avoidable disaster, the ...

released an analysis of Icahn Enterprises with claims that the company is over-valued due to paying large dividends using investments from new investors. In addition, the analysis claims that Icahn took out loans against a majority of his holdings and that these have the potential to be called should the stock price move downward. On the day of the release of this analysis the share price of Icahn Enterprises dropped by 20%. Hindenburg also accused Icahn of running a "

Ponzi Charles Ponzi (; ; born Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi; March 3, 1882 – January 18, 1949) was an Italian charlatan and con artist who operated in the United States and Canada. His aliases included ''Charles Ponci'', ''Carlo'' ...

-like economic structure". The company announced in its quarterly earnings report in August 2023 that it would cut its dividend in half. Following the release of the short report, in August 2024 IEP and Icahn were investigated by the SEC and fined $1.5 million and $500,000 respectively for failures highlighted in the report. As part of the settlement, Icahn and IEP did not admit or deny any wrongdoing. A

class-action lawsuit A class action is a form of lawsuit. Class Action may also refer to: * ''Class Action'' (film), 1991, starring Gene Hackman and Mary Elizabeth Mastrantonio * Class Action (band), a garage house band * "Class Action" (''Teenage Robot''), a 2002 e ...

was filed and later dismissed in Florida in September 2024, with the decision highlighting that in disclosures IEP mentioned that dividends could be reduced, and the judge also found that Icahn’s personal borrowing activities were adequately disclosed.

Investments

, the company owns the following: * CVR - petroleum refining and nitrogen fertilizer manufacturing * American Railcar Industries * Ferrous Resources (77.2%) - owns mining rights in Brazil * Viskase (74.6%) - produces cellulosic, fibrous and plastic casings for the processed meat and poultry industry * Bayswater Development - a

real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw Real Estate, land and the sale of developed land or parce ...

company * WestPoint Home - bed and bath fashion productions *

Vivus Vivus () is a small pharmaceutical company headquartered in Campbell, California that specializes in obesity, sleep, and sexual health. Vivus developed Avanafil, an erectile dysfunction drug that has completed Phases of clinical research, Phase 3 c ...

- pharmaceutical company

References

External links

{{Finance links , name = Icahn Enterprises L.P. , google = IEP , yahoo = IEP , bloomberg = IEP.US , symbol = IEP , sec_cik = IEP Conglomerate companies of the United States Holding companies of the United States Publicly traded companies based in New York City Companies listed on the Nasdaq American companies established in 1987 Holding companies established in 1987 1987 establishments in New York (state) Conglomerate companies established in 1987 Companies based in Miami-Dade County, Florida