Icahn company counters losses with $500 million buyback plan


After a damaging report resulted in a loss of billions for corporate raider Carl Icahn, his holding company has launched a buyback equaling nearly 27% of its trading shares.

The directors of Icahn Enterprises LP approved a $500 million buyback.

Icahn, a major investor in Oklahoma City-based SandRidge Energy as well as refinery operator CVR Energy, suffered losses when Hindenburg Research released a report claiming t he company was overpriced.

Bloomberg reported the 87-year old Icahn increased the number of shares pledged to secure his personal debt.

Click here for Bloomberg