Carl Icahn\u0027s fortune tumbled more than $10 billion after Hindenburg Research accused him of using a “Ponzi\u002Dlike” structure. Read on.
Hindenburg said the company, with investments in funds managed by Icahn and controlling stakes in businesses in the energy, automotive, food and other sectors, was over-leveraged and traded at an extreme premium to its net asset value. Hindenburg also questioned how the company valued some of its investments.
Icahn has boosted his holding in Icahn Enterprises by taking dividends in the form of additional units. Before Tuesday’s decline, his stake was worth US$15.7 billion compared with US$8.4 billion in 2017, even as the value of its shares declined 4.9 per cent. Icahn began reporting a margin loan collateralized by his stake in the company beginning in 2021, at a time when he had about 65 per cent of his shares pledged. He boosted the number last year, and as of February had more than 181 million shares worth US$9.2 billion backing the loan, according to the company’s 2022 annual report.
Hindenburg criticized Icahn for failing to disclose how much he’d borrowed, the interest rate or the loan-to-value maintenance ratio associated with the margin loan.Article content
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