: Carl Icahn’s investing arm’s stock slides anew and is close to its 52-week low
Icahn Enterprises L.P.’s stock was down 4.2% to $19.86 on Tuesday, bringing it within sight of its its 52-week low of $18.03, hit earlier this year after short-seller Hindenburg Research published a scathing article about the company. A New York Times article published Tuesday highlighted the fallout from that report for billionaire activist Carl Icahn and his publicly traded investment arm. Nate Anderson-backed Hindenburg accused the company of overstating values and paying a dividend it could not afford. The stock immediately shed billions of dollars in market cap and earlier this month, IEP slashed its dividend in half. “It is very, very embarrassing for Carl because this guy beat him and beat him at his own game,” Mark Stevens, the author of a 1993 book titled “King Icahn: The Biography of a Renegade Capitalist,” told the Times. The stock shed 30% of its value on Aug. 4, the day it announced the halving of its dividend. “I believe the second quarter partially reflected the impact of short selling on companies we control or invest in, which I attribute to the misleading and self-serving Hindenburg report concerning our company, “Icahn said in a statement. The stock has shed 61% of its value in the year to date, while the S&P 500 SPX has gained 15%. For more, see: Icahn Enterprises’ stock slides 30% after company halves quarterly distribution to $1 per unit
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