Icahn's investment firm plunges, down 39% since Hindenburg report

Shares of activist investor Carl Icahn’s investment firm lost nearly a fifth of their value on Wednesday, adding to a 20 percent decline a day earlier following short seller Hindenburg Research’s scathing attack on the company.

Icahn Enterprises LP’s shares hit an intraday low of $31.78 – their lowest in more than a decade. The stock is down nearly 39 percent since the release of the report.

Hindenburg accused the company of overvaluing its holdings and relying on a “Ponzi-like” structure to pay dividends. Icahn called the report “self-serving”.

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