(Bloomberg) — Invoice Ackman stated Hindenburg Analysis has “discovered” how billionaire Carl Icahn runs his publicly traded firm and recommended the inventory has room to fall after falling to the bottom ranges since 2009.
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In a prolonged Twitter put up Wednesday, Ackman, 57, additionally denounced the 87-year-old Icahn’s use of margin loans towards his shares in Icahn Enterprises LP.
“$IEP jogs my memory a little bit of Archegos, the place the swap counterparties had been comforted that every had comparatively much less publicity to the scenario,” Ackman stated, referring to Invoice Hwang’s household workplace that exploded spectacularly in 2021.
“All it takes is for one lender to interrupt ranks and dump shares or attempt to cowl, earlier than the home collapses,” Ackman stated. “Right here, the scapegoat is the final lender to exit of enterprise.”
Neither Icahn nor Ackman instantly responded to a request for remark.
Icahn Enterprises shares fell greater than 13% on Wednesday, and the value hit the bottom stage in additional than 14 years. Ackman stated his firm was neither lengthy nor quick, “simply trying from a distance.”
Ackman took on Icahn a decade in the past over Herbalife Ltd. and ended up shedding a fortune.
“All through his storied profession, Icahn has made many enemies. I do not know if he has any actual associates,” Ackman stated in his tweet. “You might use one right here.”
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