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.
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