What’s Carl Icahn’s Net Worth?
Carl Icahn is an American businessman, investor, and activist shareholder who has a net worth of $24 billion. Carl Icahn is finest generally known as the founder and controlling shareholder of the holding firm Icahn Enterprises in New York Metropolis. His funding technique, which has turn out to be mainstream for hedge funds, includes shopping for massive stakes in firms that he then pressures to make company coverage modifications that can profit shareholders. Within the 80s, Icahn was criticized for being a “company raider” when he profited from the hostile takeover of Trans World Airways, and since then, has tried plenty of different mercenary takeovers and asset strips.
Early Life and Schooling
Carl Icahn was born on February 16, 1936 within the Brooklyn borough of New York Metropolis to Bella, a schoolteacher, and Michael, a cantor and later substitute trainer. Raised in Queens, Icahn went to Far Rockaway Excessive Faculty. Later, he attended Princeton College, graduating with an AB in philosophy in 1957. Icahn went on to enroll at New York College’s Faculty of Medication, however dropped out after two years to hitch the army reserve.
Profession Beginnings in Enterprise
Icahn entered the world of enterprise affairs in 1961 when he turned a stockbroker for Dreyfus Company. A pair years later, he labored as an choices supervisor for Tessel, Patrick & Co., after which for Gruntal & Co. In 1968, Icahn used $150,000 of his personal financial savings plus a $400,000 funding from his uncle to buy a seat on the New York Inventory Change. He subsequently shaped Icahn & Co., which targeted on choices buying and selling and threat arbitrage. Icahn’s first takeover try got here in 1978, when he took a controlling stake within the equipment firm Tappan and compelled its sale to Electrolux, successfully doubling his funding. The following yr, he purchased Bayswater Realty & Capital Company. Within the early 80s, Icahn acquired AFC Industries; promoting his shares to Phillips Petroleum in 1985, he made a revenue of $50 million.
Trans World Airways Controversy
Icahn attracted a lot controversy within the mid-to-late 80s, when he pooled his funds with each borrowed and investor funds to buy 50% of Trans World Airways, earlier than buying the corporate utterly through a leveraged buyout. He then bought the corporate’s belongings to repay his personal money owed, inflicting many to label him as a “company raider” engaged in asset stripping. Icahn went on to promote TWA’s London routes to American Airways for $445 million, making him a revenue whereas sending TWA into $540 million value of debt.
Additional Enterprise Profession
Past the TWA debacle, Icahn has been prolific in his mercenary enterprise affairs. In 1986, he tried an unsuccessful, $8 billion hostile takeover of U.S. Metal. He made a $200 million revenue 5 years later when he bought his stake for $1 billion. Icahn additionally made an enormous revenue from his sale of his stake in Texaco in 1989. Later, in 1997, he made a revenue from promoting his 7.3% curiosity in RJR Nabisco, and likewise took management of Marvel Comics.
In 2004, Icahn began elevating $3 billion to type his hedge fund Icahn Companions; he additionally took possession stakes in Time Warner and Blockbuster Video. Amongst his different investments, he purchased shares in such firms as Take-Two Interactive, Telik, Motricity, BEA Techniques, Biogen, Yahoo!, Lawson Software program, Mentor Graphics, Netflix, Nuance Communications, Hologic, Lyft, and plenty of extra. Moreover, he tried a failed takeover of Lionsgate Movies in 2011. Icahn has additionally invested tons of of thousands and thousands in Apple.
Within the 2016 presidential election, Icahn endorsed Donald Trump. He additionally introduced the creation of a super-PAC pledging $150 million for tax inversions on firms. Following the election, Icahn turned Particular Advisor to the President on Regulatory Reform, a place he held till August of 2017. The following yr, Icahn averted thousands and thousands in losses when he bought holdings in steel-price delicate inventory days earlier than the Trump administration introduced a tariff on metal imports.
Regardless of his ruthless, typically immoral company practices, Icahn has additionally achieved some philanthropic work. He has made important donations to Mount Sinai Hospital, New York and to his alma mater of Princeton College, which created a genomics laboratory in his title. He additionally has a basis known as the Kids’s Rescue Fund, which constructed a 65-unit complicated within the Bronx for homeless single pregnant girls and single girls with youngsters; it additionally operates two different homeless shelters. Moreover, Icahn Stadium, the Carl C. Icahn Middle for Science, and the Icahn Scholar Program at Choate Rosemary Corridor are all named after him.
In 1978, Icahn met Czech ballerina Liba Trejbal; when she turned pregnant eight months later, he supplied to wed her on the situation that she signal a prenuptial settlement. The 2 married in 1979, and had two youngsters named Brett and Michelle. Later, in 1993, Trejbal filed for divorce and sued to invalidate the prenuptial settlement on the grounds that she signed it beneath duress. The couple lastly divorced in 1999. Subsequently, Icahn married his longtime assistant Gail Golden, giving him two stepchildren within the course of.
Icahn is an avid fan of thoroughbred horse racing. In 1985, he established the horse breeding operation Foxfield Thoroughbreds. 5 years later, his horse Meadow Star received the Breeders’ Cup Juvenile Fillies. In 1992, he turned a business breeder. Icahn in the end shut down Foxfield in 2004, and bought all his weanlings and mares.