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{{Short description|American conglomerate}}
{{Infobox company
{{Infobox company
| name = Icahn Enterprises L.P.
| name = Icahn Enterprises L.P.
| logo = Icahn Enterprises Logo.gif
| logo = Icahn Enterprises Logo.gif
| logo_size = 250px
| logo_size = 250px
| type = [[Master limited partnership]]<BR>[[Public company]]
| type = [[Public company|Public]]
| traded_as = {{NASDAQ|IEP}}
| traded_as = {{NASDAQ|IEP}}
| industry = [[Conglomerate (company)|Conglomerate]]
| industry = [[Conglomerate (company)|Conglomerate]]
| predecessor = American Real Estate Partners L.P.
| predecessor = American Real Estate Partners L.P.
| foundation = {{Start date and age|February 17, 1987}}
| foundation = {{Start date and age|1987|02|17}}
| location = [[Sunny Isles Beach, Florida]] 33160
| location = [[Sunny Isles Beach, Florida]], U.S.
| key_people = {{Unbulleted list|[[Carl Icahn]] (Chairman)|Andrew Teno ([[CEO]])}}
| key_people = [[Carl Icahn]], Chairman<br>Keith Cozza<!-- red linke as clearly notable -->, [[CEO]]<BR>SungHwan Cho, [[CFO]]<ref name=10K>{{cite web | url=https://www.sec.gov/Archives/edgar/data/813762/000081376217000010/a10k-fy2016.htm | title=Icahn Enterprises L.P. 2016 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| revenue = {{increase}} $16.348 billion (2016)<ref name=10K/>
| revenue = {{decrease}} US$11.1 billion (2023)
| net_income = {{increase}} -$1.128 billion (2016)<ref name=10K/>
| net_income = {{nowrap|{{decrease}} −US$684 million (2023)}}
| assets = {{decrease}} $33.335 billion (2016)<ref name=10K/>
| assets = {{decrease}} US$20.9 billion (2023)
| equity = {{decrease}} $8.017 billion (2016)<ref name=10K/>
| equity = {{decrease}} US$6.07 billion (2023)
| owner = [[Carl Icahn]]<br>(93.6%)<ref name=10K/>
| owner = [[Carl Icahn]] (86%)
| num_employees = 2,159<ref name=10K/>
| num_employees = 38 (2023)
| homepage = {{URL|http://www.ielp.com/}}
| homepage = {{URL|https://www.ielp.com/|ielp.com}}
| footnotes = <ref name="10K">{{Cite web |date=29 February 2024 |title=Icahn Enterprises L.P. 2023 Form 10-K Annual Report |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0000813762/000155837024002090/tmb-20231231x10k.htm |publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
}}


'''Icahn Enterprises L.P.''' is an American [[Conglomerate (company)|conglomerate]] headquartered at Milton Tower in Sunny Isles Beach, Florida. <ref>{{Cite web|last=Kosman|first=Josh|date=2020-08-12|title=Carl Icahn has officially ditched NYC for Florida|url=https://nypost.com/2020/08/12/carl-icahn-has-officially-ditched-nyc-for-florida/|access-date=2021-05-17|website=New York Post|language=en-US}}</ref> The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion.<ref name=10K/> The company is controlled by [[Carl Icahn]], who owns 95% of it.
'''Icahn Enterprises L.P.''' is an American [[Public company|publicly traded]] [[master limited partnership]] and [[Conglomerate (company)|conglomerate]] headquartered at Milton Tower in Sunny Isles Beach, Florida.<ref>{{Cite web |last=Kosman |first=Josh |date=2020-08-12 |title=Carl Icahn has officially ditched NYC for Florida |url=https://nypost.com/2020/08/12/carl-icahn-has-officially-ditched-nyc-for-florida/ |access-date=2021-05-17 |website=New York Post |language=en-US}}</ref> 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]], who owns 86&nbsp;percent of it.<ref name=10K/>


==History==
==History==
The company was incorporated on February 17, 1987.<ref name=10K/>
The company was incorporated on February 17, 1987.<ref name=10K/>


In 2006, the company sold the [[Sands Atlantic City]] hotel in [[Atlantic City, New Jersey]] and several of the adjacent lots for $274.8 million to [[Pinnacle Entertainment]].<ref>{{cite news | url=http://www.crainsnewyork.com/article/20060905/FREE/609050712/icahn-sells-atlantic-city-property-for-270m | title=Icahn sells Atlantic City property for $270M | first=David | last=Jones | publisher=[[Crain Communications]] | date=September 5, 2006}}</ref>
In 2006, the company sold the [[Sands Atlantic City]] hotel in [[Atlantic City, New Jersey]] and several of the adjacent lots for $274.8 million to [[Pinnacle Entertainment]].<ref>{{Cite news |last=Jones |first=David |date=September 5, 2006 |title=Icahn sells Atlantic City property for $270M |publisher=[[Crain Communications]] |url=http://www.crainsnewyork.com/article/20060905/FREE/609050712/icahn-sells-atlantic-city-property-for-270m}}</ref>


In April 2007, the company sold its [[American Casino & Entertainment Properties]] to an affiliate of [[Goldman Sachs]], for $1.3 billion.<ref>{{cite news | url=http://articles.latimes.com/2007/apr/24/business/fi-vegas24 | title=Icahn to sell casinos for $1.3 billion | agency=[[Associated Press]] | work=[[Los Angeles Times]] | date=April 24, 2007}}</ref><ref>{{cite news | url=https://www.reviewjournal.com/news/icahn-sells-southern-nevada-casinos/ | title=Icahn sells Southern Nevada casinos | first=Sonny | last=Lufrano | publisher=[[American City Business Journals]] | date=March 5, 2001}}</ref> 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.<ref>{{cite news | url=https://www.reuters.com/article/us-icahn-arep/arep-buys-7-billion-icahn-fund-management-firm-idUSWNAS124220070809 | title=Icahn Enterprises buys PSC Metals for $335 mln | first=Jonathan | last=Keehner | publisher=[[Reuters]] | date=November 6, 2007}}</ref>
In April 2007, the company sold its [[American Casino & Entertainment Properties]] to an affiliate of [[Goldman Sachs]], for $1.3 billion.<ref>{{Cite news |date=April 24, 2007 |title=Icahn to sell casinos for $1.3 billion |work=[[Los Angeles Times]] |agency=[[Associated Press]] |url=https://www.latimes.com/archives/la-xpm-2007-apr-24-fi-vegas24-story.html}}</ref><ref>{{Cite news |last=Lufrano |first=Sonny |date=March 5, 2001 |title=Icahn sells Southern Nevada casinos |publisher=[[American City Business Journals]] |url=https://www.reviewjournal.com/news/icahn-sells-southern-nevada-casinos/}}</ref> 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.<ref>{{Cite news |last=Keehner |first=Jonathan |date=November 6, 2007 |title=Icahn Enterprises buys PSC Metals for $335 mln |publisher=[[Reuters]] |url=https://www.reuters.com/article/us-icahn-arep/arep-buys-7-billion-icahn-fund-management-firm-idUSWNAS124220070809}}</ref>


In 2008, the company acquired PSC Metals for $335 million.<ref>{{cite news | url=https://www.reuters.com/article/pscmetals-icahn/icahn-enterprises-buys-psc-metals-for-335-mln-idUSWNAS064720071106 | title=AREP buys $7 billion Icahn fund management firm | first=Dane | last=Hamilton | publisher=[[Reuters]] | date=March 5, 2001}}</ref>
In 2008, the company acquired PSC Metals for $335 million.<ref>{{Cite news |last=Hamilton |first=Dane |date=March 5, 2001 |title=AREP buys $7 billion Icahn fund management firm |publisher=[[Reuters]] |url=https://www.reuters.com/article/pscmetals-icahn/icahn-enterprises-buys-psc-metals-for-335-mln-idUSWNAS064720071106}}</ref>


In February 2016, Icahn Enterprises purchased [[Trump Entertainment Resorts]], which owned the [[Hard Rock Hotel & Casino Atlantic City]].<ref>{{cite news | url=https://www.wsj.com/articles/tropicana-to-manage-trump-taj-mahal-icahn-chides-n-j-leaders-1456931512 | title=Tropicana to manage Trump Taj Mahal; Icahn chides N.J. Leaders | first=Joshua | last=Jamerson | publisher=[[The Wall Street Journal]] | date=March 2, 2016}}{{subscription required}}</ref> The company sold the casino to the owners of [[Hard Rock Cafe]] for $50 million in May 2017 - which represented a recuperation of just 4 cents on the dollar.<ref>{{cite news | url=http://www.latimes.com/business/la-fi-trump-taj-mahal-20170509-story.html | title=Trump Taj Mahal casino sold for 4 cents on the dollar | agency=[[Associated Press]] | work=[[Los Angeles Times]] | date=May 9, 2017}}</ref> Also in February 2016, the company acquired [[Pep Boys]].<ref>{{cite press release | url=https://globenewswire.com/news-release/2016/02/04/807763/0/en/Icahn-Enterprises-Completes-Acquisition-of-Pep-Boys.html | title=Icahn Enterprises completes acquisition of Pep Boys | publisher=[[GlobeNewswire]] | date=February 4, 2016}}</ref>
In February 2016, Icahn Enterprises purchased [[Trump Entertainment Resorts]], which owned the [[Hard Rock Hotel & Casino Atlantic City]].<ref>{{Cite news |last=Jamerson |first=Joshua |date=March 2, 2016 |title=Tropicana to manage Trump Taj Mahal; Icahn chides N.J. Leaders |publisher=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/tropicana-to-manage-trump-taj-mahal-icahn-chides-n-j-leaders-1456931512}}{{subscription required}}</ref> The company sold the casino to the owners of [[Hard Rock Cafe]] for $50 million in May 2017 - which represented a recuperation of just 4 cents on the dollar.<ref>{{Cite news |date=May 9, 2017 |title=Trump Taj Mahal casino sold for 4 cents on the dollar |work=[[Los Angeles Times]] |agency=[[Associated Press]] |url=http://www.latimes.com/business/la-fi-trump-taj-mahal-20170509-story.html}}</ref> Also in February 2016, the company acquired [[Pep Boys]].<ref>{{Cite press release |title=Icahn Enterprises completes acquisition of Pep Boys |date=February 4, 2016 |publisher=[[GlobeNewswire]] |url=https://globenewswire.com/news-release/2016/02/04/807763/0/en/Icahn-Enterprises-Completes-Acquisition-of-Pep-Boys.html}}</ref>


In January 2017, the company acquired [[Federal-Mogul]].<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/icahn-enterprises-completes-acquisition-of-federal-mogul-300395054.html | title=Icahn Enterprises Completes Acquisition of Federal-Mogul | publisher=[[PRNewswire]] | date=January 23, 2017}}</ref> In June 2017, the company acquired Precision Auto Care, a chain of over 250 vehicle repair shops.<ref>{{cite news | url=https://www.bizjournals.com/washington/news/2017/06/02/icahn-reaches-deal-to-buy-leesburg-based-precision.html | title=Icahn reaches deal to buy Leesburg-based Precision Auto | first=Drew | last=Hansen | publisher=[[American City Business Journals]] | date=June 2, 2017}}</ref> In August 2017, the company sold the property formerly known as the [[Fontainebleau Resort Las Vegas]] for $600 million. The company had acquired the property in 2010 for $148 million.<ref>{{cite press release | url=https://globenewswire.com/news-release/2017/08/29/1101929/0/en/Icahn-Enterprises-L-P-Completes-Sale-of-the-Former-Fontainebleau-Las-Vegas-Property-for-600-million.html | title=Icahn Enterprises L.P. Completes Sale of the Former Fontainebleau Las Vegas Property for $600 million | publisher=[[GlobeNewswire]] | date=August 29, 2017}}</ref> In October 2017, the company acquired American Driveline Systems.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20171002006365/en/Icahn-Enterprises-L.P.-Acquires-American-Driveline-Systems | title=Icahn Enterprises L.P. Acquires American Driveline Systems, Franchisor of AAMCO and Cottman Service Centers | publisher=[[Business Wire]] | date=October 2, 2017}}</ref> The company had 89,034 employees as of 2017.<ref>{{Cite web|url=http://fortune.com/fortune500/icahn-enterprises/|title=Icahn Enterprises|website=Fortune|language=en-US|access-date=2018-11-18}}</ref>
In January 2017, the company acquired [[Federal-Mogul]].<ref>{{Cite press release |title=Icahn Enterprises Completes Acquisition of Federal-Mogul |date=January 23, 2017 |publisher=[[PRNewswire]] |url=https://www.prnewswire.com/news-releases/icahn-enterprises-completes-acquisition-of-federal-mogul-300395054.html}}</ref> In June 2017, the company acquired Precision Auto Care, a chain of over 250 vehicle repair shops.<ref>{{Cite news |last=Hansen |first=Drew |date=June 2, 2017 |title=Icahn reaches deal to buy Leesburg-based Precision Auto |publisher=[[American City Business Journals]] |url=https://www.bizjournals.com/washington/news/2017/06/02/icahn-reaches-deal-to-buy-leesburg-based-precision.html}}</ref> In August 2017, the company sold the property formerly known as the [[Fontainebleau Resort Las Vegas]] for $600 million. The company had acquired the property in 2010 for $148 million.<ref>{{Cite press release |title=Icahn Enterprises L.P. Completes Sale of the Former Fontainebleau Las Vegas Property for $600 million |date=August 29, 2017 |publisher=[[GlobeNewswire]] |url=https://globenewswire.com/news-release/2017/08/29/1101929/0/en/Icahn-Enterprises-L-P-Completes-Sale-of-the-Former-Fontainebleau-Las-Vegas-Property-for-600-million.html}}</ref> In October 2017, the company acquired American Driveline Systems.<ref>{{Cite press release |title=Icahn Enterprises L.P. Acquires American Driveline Systems, Franchisor of AAMCO and Cottman Service Centers |date=October 2, 2017 |publisher=[[Business Wire]] |url=http://www.businesswire.com/news/home/20171002006365/en/Icahn-Enterprises-L.P.-Acquires-American-Driveline-Systems}}</ref> The company had 89,034 employees as of 2017.<ref>{{Cite web |title=Icahn Enterprises |url=http://fortune.com/fortune500/icahn-enterprises/ |access-date=2018-11-18 |website=Fortune |language=en-US |archive-date=2018-11-18 |archive-url=https://web.archive.org/web/20181118130136/http://fortune.com/fortune500/icahn-enterprises/ |url-status=dead }}</ref>


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.<ref>{{Cite web|url=https://www.bizjournals.com/southflorida/news/2020/10/05/carl-icahn-succession-icahn-enterprises.html|access-date=2020-10-08|website=www.bizjournals.com}}</ref>
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.<ref>{{Cite web |title=Billionaire Carl Icahn announces succession plan for Icahn Enterprises |url=https://www.bizjournals.com/southflorida/news/2020/10/05/carl-icahn-succession-icahn-enterprises.html}}</ref>


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.<ref>{{Cite web|last=Wolinsky|first=Jacob|title=Carl Icahn Had An Atrocious Third Quarter|url=https://www.forbes.com/sites/jacobwolinsky/2020/11/12/carl-icahn-had-an-atrocious-third-quarter/|access-date=2020-11-18|website=Forbes|language=en}}</ref>
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.<ref>{{Cite web |last=Wolinsky |first=Jacob |title=Carl Icahn Had An Atrocious Third Quarter |url=https://www.forbes.com/sites/jacobwolinsky/2020/11/12/carl-icahn-had-an-atrocious-third-quarter/ |access-date=2020-11-18 |website=Forbes |language=en}}</ref>

On January 31, 2023, one of its subsidiaries, Auto Plus, filed for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]], and [[Pep Boys]] spun off into its own company.<ref>{{Cite web |date=February 1, 2023 |title=Auto Plus files for Chapter 11 bankruptcy |url=https://www.marketscreener.com/quote/stock/ICAHN-ENTERPRISES-L-P-11900131/news/Icahn-Enterprises-Unit-Auto-Plus-to-File-for-Chapter-11-Bankruptcy-42868253/ |access-date=February 1, 2023}}</ref><ref>{{Cite web|url=https://www.wsj.com/articles/auto-parts-company-owned-by-carl-icahn-files-for-bankruptcy-11675280237|title=Auto-Parts Company Owned by Carl Icahn Files for Bankruptcy|date=February 1, 2023|access-date=March 13, 2024}}</ref>

===Hindenburg Research===
In May 2023, short seller [[Hindenburg Research]] 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%.<ref>{{Cite news |date=May 1, 2023 |title=Icahn Enterprises' Plunge Just One of Short-Seller Hindenburg's Many Big Hits |publisher=Bloomberg News |url=https://www.bloomberg.com/news/articles/2023-05-02/icahn-enterprise-plunge-just-one-of-hindenburg-s-many-big-hits#xj4y7vzkg |url-access=subscription |access-date=May 1, 2023}}</ref><ref>{{Cite news |last=Lipschultz |first=Bailey |date=2 May 2023 |title=Icahn Enterprises' Plunge Just One of Short-Seller Hindenburg's Many Big Hits |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-05-02/icahn-enterprise-plunge-just-one-of-hindenburg-s-many-big-hits |access-date=2 May 2023}}</ref><ref>{{Cite news |last=Foldy |first=Ben |date=2 May 2023 |title=Battle of the Activists: Hindenburg Shorts Icahn |language=en |work=The Wall Street Journal |url=https://www.wsj.com/articles/battle-of-the-activists-hindenburg-shorts-icahn-adc69c59 |access-date=2 May 2023}}</ref> Hindenburg also accused Icahn of running a "Ponzi-like economic structure".<ref>{{Cite news |date=2 May 2023 |title=US short-seller says iconic investor Icahn has 'ponzi-like' biz |language=en |work=Al Jazeera |url=https://www.aljazeera.com/amp/economy/2023/5/2/us-short-seller-says-iconic-investor-icahn-has-ponzi-like-biz |access-date=3 May 2023}}</ref> The company announced in its quarterly earnings report in August 2023 that it would cut its dividend in half.<ref>{{cite news |last=Farrell |first=Maureen |date=4 August 2023 |title=Shares of Carl Icahn's Firm Tank After It Cuts Dividend |url=https://www.nytimes.com/2023/08/04/business/carl-icahn-shares-dividend.html |work=The New York Times}}</ref>


==Investments==
==Investments==
{{As of|2020|12}}, the company owns the following:<ref>{{Cite web |title=2020-10-K |url=https://www.sec.gov/Archives/edgar/data/1034563/000155837021002010/tmb-20201231x10k.htm}}</ref>
The company owns the following:<ref name=10K/>


* [[Pep Boys]]
* CVR - petroleum refining and nitrogen fertilizer manufacturing
* CVR - petroleum refining and nitrogen fertilizer manufacturing
* [[American Car and Foundry Company|American Railcar Industries]]
* [[American Car and Foundry Company|American Railcar Industries]]
⚫
* [[Ferrous Resources]] (77.2%) - owns mining rights in Brazil
* [[Tropicana Entertainment]] (72% stake)
⚫
* [[Viskase]] (74.6%) - produces cellulosic, fibrous and plastic casings for the processed meat and poultry industry
* PSC Metals
⚫
* Bayswater Development - a [[real estate development]] company
⚫
* 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]] company operating in [[Vero Beach, Florida]] and [[New Seabury, Massachusetts]]
* [[WestPoint Home]] - bed and bath fashion productions
* [[WestPoint Home]] - bed and bath fashion productions
*Vivus - pharma
* [[Vivus]] - pharmaceutical company


==References==
==References==
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[[Category:1987 establishments in New York (state)]]
[[Category:1987 establishments in New York (state)]]
[[Category:Conglomerate companies established in 1987]]
[[Category:Conglomerate companies established in 1987]]
[[Category:Companies based in Miami-Dade County, Florida]]

Latest revision as of 13:07, 31 August 2024

Icahn Enterprises L.P.
Company typePublic
Nasdaq: IEP
IndustryConglomerate
PredecessorAmerican Real Estate Partners L.P.
FoundedFebruary 17, 1987; 37 years ago (1987-02-17)
HeadquartersSunny Isles Beach, Florida, U.S.
Key people
RevenueDecrease US$11.1 billion (2023)
Decrease −US$684 million (2023)
Total assetsDecrease US$20.9 billion (2023)
Total equityDecrease US$6.07 billion (2023)
OwnerCarl Icahn (86%)
Number of employees
38 (2023)
Websiteielp.com
Footnotes / references
[1]

Icahn Enterprises L.P. is an American publicly traded master limited partnership and conglomerate headquartered at Milton Tower in Sunny Isles Beach, Florida.[2] 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, who owns 86 percent of it.[1]

History

[edit]

The company was incorporated on February 17, 1987.[1]

In 2006, the company sold the Sands Atlantic City hotel in Atlantic City, New Jersey and several of the adjacent lots for $274.8 million to Pinnacle Entertainment.[3]

In April 2007, the company sold its American Casino & Entertainment Properties to an affiliate of Goldman Sachs, for $1.3 billion.[4][5] 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.[6]

In 2008, the company acquired PSC Metals for $335 million.[7]

In February 2016, Icahn Enterprises purchased Trump Entertainment Resorts, which owned the Hard Rock Hotel & Casino Atlantic City.[8] The company sold the casino to the owners of Hard Rock Cafe for $50 million in May 2017 - which represented a recuperation of just 4 cents on the dollar.[9] Also in February 2016, the company acquired Pep Boys.[10]

In January 2017, the company acquired Federal-Mogul.[11] In June 2017, the company acquired Precision Auto Care, a chain of over 250 vehicle repair shops.[12] In August 2017, the company sold the property formerly known as the Fontainebleau Resort Las Vegas for $600 million. The company had acquired the property in 2010 for $148 million.[13] In October 2017, the company acquired American Driveline Systems.[14] The company had 89,034 employees as of 2017.[15]

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.[16]

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.[17]

On January 31, 2023, one of its subsidiaries, Auto Plus, filed for Chapter 11 bankruptcy, and Pep Boys spun off into its own company.[18][19]

Hindenburg Research

[edit]

In May 2023, short seller Hindenburg Research 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%.[20][21][22] Hindenburg also accused Icahn of running a "Ponzi-like economic structure".[23] The company announced in its quarterly earnings report in August 2023 that it would cut its dividend in half.[24]

Investments

[edit]

As of December 2020, the company owns the following:[25]

References

[edit]
  1. ^ a b c "Icahn Enterprises L.P. 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. 29 February 2024.
  2. ^ Kosman, Josh (2020-08-12). "Carl Icahn has officially ditched NYC for Florida". New York Post. Retrieved 2021-05-17.
  3. ^ Jones, David (September 5, 2006). "Icahn sells Atlantic City property for $270M". Crain Communications.
  4. ^ "Icahn to sell casinos for $1.3 billion". Los Angeles Times. Associated Press. April 24, 2007.
  5. ^ Lufrano, Sonny (March 5, 2001). "Icahn sells Southern Nevada casinos". American City Business Journals.
  6. ^ Keehner, Jonathan (November 6, 2007). "Icahn Enterprises buys PSC Metals for $335 mln". Reuters.
  7. ^ Hamilton, Dane (March 5, 2001). "AREP buys $7 billion Icahn fund management firm". Reuters.
  8. ^ Jamerson, Joshua (March 2, 2016). "Tropicana to manage Trump Taj Mahal; Icahn chides N.J. Leaders". The Wall Street Journal.(subscription required)
  9. ^ "Trump Taj Mahal casino sold for 4 cents on the dollar". Los Angeles Times. Associated Press. May 9, 2017.
  10. ^ "Icahn Enterprises completes acquisition of Pep Boys" (Press release). GlobeNewswire. February 4, 2016.
  11. ^ "Icahn Enterprises Completes Acquisition of Federal-Mogul" (Press release). PRNewswire. January 23, 2017.
  12. ^ Hansen, Drew (June 2, 2017). "Icahn reaches deal to buy Leesburg-based Precision Auto". American City Business Journals.
  13. ^ "Icahn Enterprises L.P. Completes Sale of the Former Fontainebleau Las Vegas Property for $600 million" (Press release). GlobeNewswire. August 29, 2017.
  14. ^ "Icahn Enterprises L.P. Acquires American Driveline Systems, Franchisor of AAMCO and Cottman Service Centers" (Press release). Business Wire. October 2, 2017.
  15. ^ "Icahn Enterprises". Fortune. Archived from the original on 2018-11-18. Retrieved 2018-11-18.
  16. ^ "Billionaire Carl Icahn announces succession plan for Icahn Enterprises".
  17. ^ Wolinsky, Jacob. "Carl Icahn Had An Atrocious Third Quarter". Forbes. Retrieved 2020-11-18.
  18. ^ "Auto Plus files for Chapter 11 bankruptcy". February 1, 2023. Retrieved February 1, 2023.
  19. ^ "Auto-Parts Company Owned by Carl Icahn Files for Bankruptcy". February 1, 2023. Retrieved March 13, 2024.
  20. ^ "Icahn Enterprises' Plunge Just One of Short-Seller Hindenburg's Many Big Hits". Bloomberg News. May 1, 2023. Retrieved May 1, 2023.
  21. ^ Lipschultz, Bailey (2 May 2023). "Icahn Enterprises' Plunge Just One of Short-Seller Hindenburg's Many Big Hits". Bloomberg.com. Retrieved 2 May 2023.
  22. ^ Foldy, Ben (2 May 2023). "Battle of the Activists: Hindenburg Shorts Icahn". The Wall Street Journal. Retrieved 2 May 2023.
  23. ^ "US short-seller says iconic investor Icahn has 'ponzi-like' biz". Al Jazeera. 2 May 2023. Retrieved 3 May 2023.
  24. ^ Farrell, Maureen (4 August 2023). "Shares of Carl Icahn's Firm Tank After It Cuts Dividend". The New York Times.
  25. ^ "2020-10-K".
[edit]
  • Business data for Icahn Enterprises L.P.:
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