Billionaire Carl Icahn’s estimated net worth has fallen by nearly $3 billion in the past 24 hours after activist investor Hindenburg Research accused his holding company of artificially pumping its stock price with a “ponzi-like economic structure.”
The 87-year-old billionaire is currently 123rd on Forbes’Icahn’s drop of nearly $3 billion from his total net worth was the steepest decline for any individual on the real-time billionaire’s list since 5 p.m. ET Monday.
On Tuesday, shares of Icahn Enterprises—the holding company behind the billionaire’s investments—fell nearly 20% and they were down a further 0.64% in pre-market trading early on Wednesday. Alongside its accusations, Hindenburg disclosed it had taken a short position against Icahn Enterprises.published on Tuesday, Hindenburg said it believed Icahn Enterprises units were overvalued by 75%. The short seller claimed that IEP’s stock was trading at such a high premium because of its dividend yield of 15.8%—the highest for any large company in the U.S. and accused Icahn of inflating this dividend yield with a “ponzi-like economic structure.
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