CEOs of public companies have long feared Carl Icahn, but now the man himself is under intense scrutiny from Wall Street investors.
CEOs of public companies have long-feared Carl Icahn. The 88-year-old investor made a name and billions for himself by questioning the decisions and strategies of corporate leaders and agitating for change at companies including Apple, RJR Nabisco and Netflix.
“There’s a confidence game and he’s lost the confidence of investors,” said Don Bilson, who focuses on activist investing as the head of event-driven research at Gordon Haskett Research Advisors. In an interview last week, Icahn said that he was “absolutely not selling.” He also said there had not been any so-called margin calls on personal loans backed by his stock. Margin calls occur when a lender forces a borrower to sell stock to settle a loan. “I don’t foresee margin calls,” he said.
The pressure mounted even further since last month, when the Securities and Exchange Commission charged Icahn with failing to disclose that he had personally pledged his own stock as collateral for margin loans worth billions of dollars. The settlement called for Icahn to pay $US2 million in fines.
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