Iconic activist investor Carl Icahn was on Tuesday hit with a challenge of his own from a prominent short-seller, who alleged the billionaire’s conglomerate is substantially overvalued, sending shares of a company owned by him plunging.Icahn Enterprises shares slumped 20 percent to a three-year low in their busiest day ever after Hindenburg Research said it was shorting the stock, charging the company was overvalued and that Icahn was operating a “Ponzi-like economic structure”.“In brief, Icahn has been using money taken in from new investors to pay out dividends to old investors,” said Hindenburg, claiming Icahn sells partnership units to new investors to support dividend payouts to existing investors.
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