Who Got Richer And Poorer This Week: Carl Icahn Gets Raided, Loses $6.5 Billion; Shopify CEO Lays Off 20%, Gains $1 Billion by RichardJChang1
Carl Icahn lost $6.5 billion throughout the week after short seller Hindenburg Research alleged Icahn Enterprises is overstating the value of its private asset portfolio. Icahn called Hindenburg's report"self-serving."Markets ended the week roughly flat. Not these billionaires, who gained or lost a fortune over the past seven days.
It was far from a steady week for Carl Icahn, the legendary corporate raider who–in a reversal of roles–is under fire from a short seller. Hindenburg Research, known for campaigns against electric vehicle maker Nikola and India’s Adani Group, took aim at Icahn in a research report released Tuesday, which alleged that publicly traded Icahn Enterprises is overstating the value of its private asset portfolio.
It was also a rough stretch for Shopify, which announced Thursday that it will cut 20% of its staff and return to its core focus, e-commerce software, ending a plan to develop a fulfillment network by selling the unit to supply chain firm Flexport. Investors cheered the plan, sending shares up 24% Thursday–adding $1 billion to cofounder and CEO Tobi Lutke’s net worth.
Here’s how some of the world’s richest people fared over the week spanning from market close on Friday, April 28, to the close on Friday, May 5:
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