Billionaire and corporate activist Carl Icahn’s fortune took a $10 billion hit this week after he was accused by short-seller Hindenburg Research of using a “ponzi-like” economic structure at his investment company.
Icahn, majority owner of Oklahoma City-based SandRidge Energy and CVR Energy and its refinery in southern Oklahoma, saw his fortune sink by 41% to $14.6 billion reported Bloomberg.
Icahn is a nearly 70% owner of CVR Energy after acquiring more than 71 million shares between 2011 and 2012.
Bloomberg reported the 87-year old Icahn is the latest billionaire to be targeted by Hindenburg this year after the New York-based short-seller went after India’s Gautam Adani and Block Inc.’s Jack Dorsey. He owns more than 85% of Icahn Enterprises’s units through various entities, making up the bulk of his fortune.
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