2023-05-03 08:42:47
Carl Icahn,
03 May, 11:42
Bloomberg estimated the loss of Carl Icahn following the Hindenburg report at $ 10 billion
A day earlier, Hindenburg Research accused activist investor Carl Icahn of creating a pyramid scheme. Previously, she issued reports on the companies of Indian businessman Gautam Adani and Block head Jack Dorsey.
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Photo: Neilson Barnard/Getty Images
Activist investor Carl Icahn’s fortune has fallen by more than $10 billion, or 41%, following Hindenburg Research accused him of running a pyramid scheme at his investment firm. writes Bloomberg.
Hundenburg Research in its report called the estimated value of the assets of the billionaire’s holding company Icahn Enterprises overvalued by more than 75%. According to the authors of the investigation, the value of the holding’s assets is inflated compared to peer companies, and a “Ponzi-like” economic scheme is used to pay dividends.
Carl Icahn owns over 85% of Icahn Enterprises through various entities, making up the bulk of his wealth.
The capitalization of the holding company of billionaire investor Icahn Enterprises LP, according to the results of trading on Tuesday, May 2, fell by 20% – the strongest drop in history. This reduced the billionaire’s fortune by $3.1 billion in a day. Hindenburg Research also reported on an investor’s margin loan, which is secured by its stake in the company and which was not previously included in the Billionaires Index. Bloomberg. This reduced the billionaire’s net worth by another $7.3 billion, the publication reported. Aikan’s condition Bloomberg now estimates at $14.6 billion, while on May 2 his estimate was $24.8 billion. As a result, the investor fell from 58th to 119th place in the list of the richest people in the world, said Bloomberg.
Fintech Jack Dorsey shares plunge following Hindenburg Research allegations
The American Hindenburg Research specializes in finding violations in public companies, in order to then capitalize on the collapse of their shares. In September 2020, Hindenburg Research published a report on electric vehicle manufacturer Nikola, which was considered Tesla’s main competitor. The authors of the report called the startup “an intricate fraud built on lies,” noting that “they have never seen a fraud of this magnitude in a public company.” The report provoked a fall in Nikola’s stock and the prosecution of the company’s founder, Trevor Milton.
In January 2023, Hindenburg Research released a report exposing Indian businessman Gautam Adani’s conglomerate. The publication led to a collapse in the capitalization of the Adani Group by more than $100 billion. In a study, the company accused the conglomerate of numerous financial irregularities and market manipulation. The Adani Group denied the accusations, calling the report fake, and announced plans to file a lawsuit.
In March, Hindenburg Research said it had placed a bet on Jack Dorsey’s Block fintech stock to fall. Hindenburg Research reported that the payment platform inflated the number of its users and underestimated the cost of customer acquisition. The founder of fintech Block (formerly Square) and co-founder of the social network Twitter (blocked in Russia) Jack Dorsey, following the release of the investigation, lost $526 million, or 11% of his fortune, in one day.
Business empire of Indian Gautam Adani lost $100 billion of capitalization
Marina Mazina.
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