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Icahn Enterprises’ stock plunges after Hindenburg says legend of Wall Street made a ‘classic mistake’

Hindenburg report alleged that Carl Icahn’s $18bn firm took money from new investors to pay out dividends to old investors

Hindenburg said in its report that despite Carl Icahn’s 85% control over the firm, the billionaire has 'little ability' to bail out Icahn Enterprises
Hindenburg said in its report that despite Carl Icahn’s 85% control over the firm, the billionaire has 'little ability' to bail out Icahn Enterprises Photo: Bloomberg via Getty Images

Activist short-selling firm Hindenburg Research has targeted hedge fund billionaire Carl Icahn’s multi-billion dollar empire with a report on 2 May calling the firm’s economic structure “Ponzi-like”.

Carl Icahn chairs Icahn Enterprises and holds a roughly 85% stake in the$18bn holding firm with his son Brett Icahn.

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