$20B+ net worth Raised in NYC Princeton (BA in Philosophy) NY University School of Medicine (dropped out) Started as a stockbroker on Wall Street in 1961 Founded Icahn & Co in 1968 Icahn Enterprises (IEP)
‘12 ‘13 ‘14 ‘15 Oil and gas assets Gain of $0.6b Acquired Icahn Capital Management Acquired 100% PCS Metals America Casino & Entertainment: $0.7b gain casino sale Majority interest in Federal Mogul 54.4% of ARI contributed by Carl Icahn 71.4% of Viskase contributed by Carl Icahn Majority stake in Tropicana Entertainment Majority interest in CVR Energy CVR Refining (IPO and secondary offering) CVR Partners (secondary offering) Majority interest (75%) in ARL ‘16 IEP Auto acquired all assets of Uni-Select Inc. in the U.S. Controlling interest in Ferrous Resource Total Assets $4.2b Total Assets $37.3b
9.8m shares ‘07 ‘08 ‘09 ‘10 Blockbuster makes bid to buy Hollywood Entertainment Doubled his stake Won a Board seat Drove CEO Antioco out of company Sold majority of stake, at loss of 97% ‘11 Blockbuster filed for bankruptcy “Worst investment I ever made.”
Share price ↑7.5% or $56.63 Icahn (2% of eBay) proposes to spin-off PayPal Settles proxy fight, re: PayPal spinoff Spinoff completed eBay acquired PayPal in 2002, after its IPO ‘16 Icahn now owns 4% of each company; Revenue Growth eBay 10% PayPal 19%
in HLF HLF falls 41% as Bill Ackman announces his $1b short Increased stake to 16.5%, $250mm FTC opened probe to investigate HFL His opposing position against Bill Ackman ‘14 Bill Ackman explains his short; HFL ↑25% ‘15
the strategy works better? Low interest rates Acquisitions therefore are less costly. Abundance of cash rich companies Icahn believes that many companies are holding cash because they do not have positive NPV proj- ects to invest in. Prevalence of mediocre top management and non-caring boards.