Carl Icahn
The Corporate Raider
Icahn Enterprises
Carl Icahn grew up in a working-class family in Queens and started on Wall Street as an options trader in the 1960s. He pioneered the modern hostile takeover, buying large stakes in underperforming companies and forcing management changes. His 1985 takeover of TWA made him a household name — and a villain to corporate America. Over five decades, he's taken activist positions in hundreds of companies including Apple, Netflix, eBay, Dell, and Xerox. His letters to boards are legendary for their aggressive tone. While his recent years have been tougher (Icahn Enterprises came under scrutiny from short sellers), his influence on corporate governance is unmatched.
“If you want a friend, get a dog. Most CEOs are overpaid and underperforming. Shareholders need someone willing to fight for them.”
Netflix (2012-2015) — bought at ~$58, pushed for strategic changes
10x return. Made over $2B as Netflix transformed into streaming giant.
Icahn Enterprises exposure (2023) — concentrated in IEP
Hindenburg Research short report caused IEP to drop 50%+. Net worth halved.
“In life and business, there are two cardinal sins. The first is to act precipitously without thought, and the second is to not act at all.”
“My investment philosophy, generally, is to buy something when no one wants it.”
“Don't confuse luck with skill when judging others, and don't confuse skill with luck when judging yourself.”
Born in Queens, New York
Founds Icahn & Co. on Wall Street
Hostile takeover of TWA — becomes the 'Corporate Raider'
Takes $1B stake in Apple, pushes for buybacks
Netflix stake generates 10x return
Hindenburg short report hits Icahn Enterprises
| # | Position | Name | Shares | Value | % Port |
|---|---|---|---|---|---|
| 1 | CVISHARES | CVR Energy Inc | 67.6M | $2.3B | 26.6% |
| 2 | IEPSHARES | Icahn Enterprises LP | 275.3M | $2.1B | 24.3% |
| 3 | IEPSHARES | Icahn Enterprises LP | 117.4M | $886.2M | 10.4% |
| 4 | IEPSHARES | Icahn Enterprises LP | 75.5M | $570.2M | 6.7% |
| 5 | UANSHARES | CVR Partners, LP | 3.9M | $493.0M | 5.8% |
| 6 | IEPSHARES | Icahn Enterprises LP | 60.7M | $458.2M | 5.4% |
| 7 | CTRISHARES | Centuri Holdings, Inc. | 14.3M | $418.8M | 4.9% |
| 8 | IFFSHARES | International Flavors and Fragrances Inc. | 4.3M | $310.2M | 3.6% |
| 9 | SATSSHARES | EchoStar Corporation | 1.4M | $164.4M | 1.9% |
| 10 | AEPSHARES | American Electric Power Company | 1.2M | $158.0M | 1.8% |
| 11 | IEPSHARES | Icahn Enterprises LP | 20.5M | $154.8M | 1.8% |
| 12 | JBLUSHARES | JetBlue Airways Corp. | 33.6M | $148.6M | 1.7% |
| 13 | CVISHARES | CVR Energy Inc | 3.6M | $122.2M | 1.4% |
| 14 | MNROSHARES | Monro, Inc. | 5.1M | $81.5M | 1.0% |
| 15 | SDSHARES | SandRidge Energy, Inc. | 4.9M | $80.7M | 0.9% |
| 16 | CZRSHARES | Caesars Entertainment, Inc. | 2.4M | $64.5M | 0.8% |
| 17 | BLCOSHARES | Bausch Plus Lomb Corp. | 3.5M | $55.6M | 0.7% |
| 18 | UANSHARES | CVR Partners, LP | 272.3K | $34.5M | 0.4% |
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