Carl Icahn: Difference between revisions

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{{Infobox person
{{Infobox person
| name         = Carl Icahn
| name         = Carl Icahn
| birth_name   = Carl Celian Icahn
| birth_name   = Carl Celian Icahn
| birth_date   = {{birth date and age|1936|2|16}}
| birth_date   = {{Birth date and age|1936|2|16}}
| birth_place   = New York City, U.S.
| birth_place = [[New York City]], U.S.
| nationality   = American
| nationality = American
| occupation   = Businessman, investor
| occupation   = Businessman, investor
| known_for     = Founding and controlling Icahn Enterprises; activist investing; 1980s "corporate raider"
| known_for   = Founding and controlling [[Icahn Enterprises]]; activist investing; 1980s "corporate raider"
| title        = Founder and Controlling Shareholder, Icahn Enterprises
| education   = [[Princeton University]] (B.A.)
| education     = [[Princeton University]] (B.A.)
| spouse       = {{plainlist|
| spouse       = Liba Trejbal (m. 1979; div. 1999)<br>Gail Golden (m. 1999; div. 2025)
* {{marriage|Liba Trejbal|1979|1999|end=divorced}}
| awards       = Forbes 400 listee
* {{marriage|Gail Golden|1999|2025|end=divorced}}
| website       = {{URL|carlicahn.com}}
}}
| title        = Chairman, Icahn Enterprises
| awards       = Forbes 400
| website     = {{URL|carlicahn.com}}
}}
}}


'''Carl Celian Icahn''' (born February 16, 1936) is an American businessman and investor who has shaped the landscape of corporate finance over more than five decades. He is the founder and controlling shareholder of [[Icahn Enterprises]], a publicly traded diversified conglomerate holding company based in Sunny Isles Beach, Florida.<ref name="britannica">{{cite web |title=Carl Icahn {{!}} Biography, Documentary, & Facts {{!}} Britannica Money |url=https://www.britannica.com/money/Carl-C-Icahn |publisher=Britannica |access-date=2026-02-23}}</ref> Icahn's investment approach centers on acquiring large stakes in companies he believes will appreciate from changes to corporate policy, after which he pressures management to enact those changes for the benefit of shareholders.<ref name="fool">{{cite web |title=Who Is Carl Icahn? |url=https://www.fool.com/investing/how-to-invest/famous-investors/carl-icahn/ |publisher=The Motley Fool |date=2025-09-11 |access-date=2026-02-23}}</ref> He was among the first activist shareholders and is credited with making activist investing a mainstream strategy for hedge funds. During the 1980s, Icahn developed a reputation as a "corporate raider" following his hostile takeover of Trans World Airlines (TWA). He has appeared on the [[Forbes 400]] list of the wealthiest Americans for decades, though his net worth has fluctuated substantially — from a peak of approximately $17.5 billion to roughly $4.8 billion following a high-profile confrontation with a short seller.<ref name="nypost">{{cite news |title=Carl Icahn's net worth plummets by billions — nearly 75% — after battle with short seller |url=https://nypost.com/2025/11/05/business/carl-icahns-net-worth-plummets-by-billions-after-battle-with-short-seller/ |work=New York Post |date=2025-11-05 |access-date=2026-02-23}}</ref> Since 2011, Icahn has no longer managed money for outside clients, though investors can still gain exposure to his strategies through Icahn Enterprises.<ref name="forbes">{{cite web |title=Carl Icahn |url=https://www.forbes.com/profile/carl-icahn/ |publisher=Forbes |access-date=2026-02-23}}</ref> As of late 2025, nearing the age of 90, Icahn has continued to be actively involved in managing his investment empire.<ref name="wsj2025">{{cite news |title=Carl Icahn, Nearing 90, Is Still Trying to Right His Empire |url=https://www.wsj.com/finance/carl-icahn-nearing-90-is-still-trying-to-right-his-empire-ee40cbf8 |work=The Wall Street Journal |date=2025-11-05 |access-date=2026-02-23}}</ref>
'''Carl Celian Icahn''' (born February 16, 1936) is an American businessman, investor, and the founder and controlling shareholder of [[Icahn Enterprises]], a diversified conglomerate holding company based in Sunny Isles Beach, Florida. Over a career spanning more than five decades on [[Wall Street]], Icahn built his reputation through aggressive investment strategies, taking large positions in publicly traded companies and pressuring their management to adopt changes he believed would increase shareholder value. His approach in the 1980s, when he executed a hostile takeover of [[Trans World Airlines]] and was labeled a "corporate raider," helped define an era of leveraged buyouts and corporate restructuring that reshaped American business.<ref>{{cite web |title=Carl Icahn {{!}} Biography, Documentary, & Facts |url=https://www.britannica.com/money/Carl-C-Icahn |publisher=Britannica Money |access-date=2026-02-23}}</ref> Icahn is credited with pioneering the strategy of [[activist investing]] and making it a mainstream approach for hedge funds. He has appeared consistently on the [[Forbes 400]] list of the wealthiest Americans, though his fortune has fluctuated significantly over the years. As of late 2025, at the age of 89, Icahn remained actively involved in managing his business empire and pursuing new investment opportunities.<ref name="wsj2025">{{cite news |date=November 5, 2025 |title=Carl Icahn, Nearing 90, Is Still Trying to Right His Empire |url=https://www.wsj.com/finance/carl-icahn-nearing-90-is-still-trying-to-right-his-empire-ee40cbf8 |work=The Wall Street Journal |access-date=2026-02-23}}</ref>


== Early Life ==
== Early Life ==


Carl Celian Icahn was born on February 16, 1936, in New York City.<ref name="britannica" /> He grew up in the borough of Queens, in the neighborhood of Far Rockaway, a working-class and middle-class community at the southern tip of the city. His father, Michael Icahn, was a cantor and later a substitute teacher, and his mother, Bella, was also a schoolteacher.<ref name="britannica" /> The family was of Jewish heritage. Icahn's upbringing in a household of educators instilled in him a competitive intellectual disposition, though his ambitions from an early age gravitated toward business and finance rather than academia or the arts.
Carl Celian Icahn was born on February 16, 1936, in the [[Queens]] borough of [[New York City]].<ref name="britannica">{{cite web |title=Carl Icahn {{!}} Biography, Documentary, & Facts |url=https://www.britannica.com/money/Carl-C-Icahn |publisher=Britannica Money |access-date=2026-02-23}}</ref> He grew up in a middle-class Jewish family in the [[Far Rockaway]] neighborhood of Queens. His father, Michael Icahn, was a cantor and later a substitute teacher, and his mother, Bella Icahn, also worked as a schoolteacher. The family's modest circumstances instilled in the young Icahn both a drive for financial success and a keen awareness of economic realities.
 
Icahn attended Far Rockaway High School, a public school that had produced a number of notable alumni, including several Nobel laureates. He was a strong student and gained admission to Princeton University, one of the most selective universities in the United States.<ref name="britannica" /> After completing his undergraduate education, Icahn briefly attended the New York University School of Medicine but left before completing a medical degree, deciding that a career in medicine was not for him.<ref name="britannica" />


Icahn's early career trajectory took him to Wall Street, where he began working as a stockbroker in the late 1950s and early 1960s. He took a position at Dreyfus & Company before moving on to other firms. In 1968, he formed Icahn & Co., a securities firm focused on risk arbitrage and options trading, which became the foundation for his future investment activities.<ref name="britannica" /> These early years on Wall Street gave Icahn an intimate understanding of corporate finance, stock valuation, and the mechanisms through which undervalued companies could be identified and restructured for profit — skills that would define his career in the decades that followed.
Icahn attended [[Far Rockaway High School]], a public school in Queens that produced a notable number of future professionals and intellectuals. He demonstrated academic promise from an early age, which enabled him to gain admission to [[Princeton University]], an achievement that represented a significant step for a young man from his socioeconomic background.<ref name="britannica" />


== Education ==
== Education ==


Icahn enrolled at [[Princeton University]], where he studied philosophy and graduated with a Bachelor of Arts degree.<ref name="britannica" /> His philosophical training, particularly his interest in empiricism, later informed his analytical and often contrarian approach to investing. After Princeton, Icahn enrolled at the New York University School of Medicine, but he did not complete his medical degree, choosing instead to pursue a career in finance.<ref name="britannica" /> He entered the U.S. Army for a brief period before beginning his career on Wall Street.
Icahn enrolled at [[Princeton University]], where he studied philosophy. He graduated with a [[Bachelor of Arts]] degree in 1957, having written his senior thesis on "The Problem of Formulating an Adequate Explication of the Empiricist Criterion of Meaning," a topic rooted in logical empiricism and the philosophy of science.<ref name="britannica" /> After Princeton, Icahn briefly attended the [[New York University School of Medicine]] but did not complete his medical degree, choosing instead to pursue a career in finance. He subsequently entered the world of Wall Street, beginning his long career in the securities industry.<ref name="motleyfool">{{cite web |title=Who Is Carl Icahn? |url=https://www.fool.com/investing/how-to-invest/famous-investors/carl-icahn/ |publisher=The Motley Fool |date=September 11, 2025 |access-date=2026-02-23}}</ref>


== Career ==
== Career ==


=== Early Wall Street Career and Founding of Icahn & Co. ===
=== Early Wall Street Career ===


Icahn began his Wall Street career in 1961, working as a stockbroker. He subsequently moved into options trading, developing expertise in a relatively niche area of finance at the time. In 1968, he established Icahn & Co., a securities firm based in New York City that specialized in risk arbitrage and options trading.<ref name="britannica" /> The firm provided Icahn with both capital and experience in evaluating corporate transactions and identifying discrepancies between a company's market valuation and its intrinsic or breakup value. This expertise became the intellectual foundation for his later career as an activist investor and corporate raider.
Icahn began his career on Wall Street in 1961 as a stockbroker. He worked at several firms, gaining experience in trading and securities before establishing his own brokerage firm, Icahn & Co., in 1968. The firm focused on risk arbitrage and options trading, areas that provided Icahn with a deep understanding of corporate valuations, deal structures, and the mechanics of mergers and acquisitions. Through Icahn & Co., he developed expertise in identifying companies whose stock prices did not reflect the underlying value of their assets — a skill that would become the foundation of his investment career.<ref name="britannica" /><ref name="motleyfool" />


Throughout the 1970s, Icahn honed his approach of purchasing significant stakes in companies he viewed as undervalued, then advocating for changes — including asset sales, management restructuring, share buybacks, or outright takeovers — designed to unlock shareholder value. This strategy placed him at the vanguard of a new class of investors who would come to prominence in the following decade.
During the 1970s, Icahn began purchasing significant stakes in undervalued companies and pushing for changes designed to unlock shareholder value. This approach — buying into a company, then agitating for restructuring, asset sales, management changes, or outright acquisition — placed him at the vanguard of what would later be termed [[activist investing]]. His early forays into this strategy proved profitable and emboldened him to pursue increasingly ambitious targets.


=== The Corporate Raider Era: 1980s ===
=== Trans World Airlines and the "Corporate Raider" Era ===


The 1980s marked Icahn's rise to national prominence and notoriety as one of the foremost "corporate raiders" of the era. During this period, a wave of hostile takeovers, leveraged buyouts, and corporate restructurings swept through American business, and Icahn was among the most visible figures driving this transformation.
Icahn's most defining deal of the 1980s was his hostile takeover of [[Trans World Airlines]] (TWA) in 1985. He acquired a controlling stake in the airline and became its chairman, a position he used to restructure the company's operations and sell off valuable assets, including its prized London routes. The TWA takeover became one of the most prominent examples of the "[[corporate raider]]" phenomenon of the 1980s, an era characterized by leveraged buyouts, hostile takeovers, and aggressive financial engineering. Critics accused Icahn of stripping TWA of its most valuable assets for personal profit while leaving the airline financially weakened. Supporters countered that the company had already been poorly managed and that Icahn's interventions were necessary to extract value for shareholders. TWA ultimately filed for bankruptcy multiple times after Icahn's tenure, fueling debate about the long-term consequences of his stewardship.<ref name="britannica" /><ref name="motleyfool" />


His most consequential and controversial deal of the decade was the hostile takeover of [[Trans World Airlines]] (TWA) in 1985. Icahn acquired a controlling stake in the airline and subsequently took the company private. He was criticized for engaging in asset stripping — selling off TWA's valuable assets, including its London routes, to service the debt incurred in the acquisition. The TWA takeover became a defining case study in the corporate raider phenomenon, with critics arguing that such tactics enriched financiers at the expense of employees, communities, and the long-term viability of the companies themselves.<ref name="britannica" /><ref name="fool" /> Icahn maintained that his actions were necessary to restructure inefficient companies and create value for shareholders.
The TWA deal cemented Icahn's reputation as one of the most aggressive investors of his generation and placed him alongside figures such as [[T. Boone Pickens]] and [[Nelson Peltz]] in the pantheon of 1980s corporate raiders. The strategies Icahn employed during this period — leveraged acquisitions, asset stripping, and proxy fights — became widely studied in business schools and widely imitated by a subsequent generation of hedge fund managers.


Beyond TWA, Icahn targeted numerous other companies during the 1980s, building stakes and pressuring boards of directors to adopt his recommended changes. His willingness to engage in public proxy fights and hostile bids made him one of the most feared figures in American boardrooms during this period.
=== Icahn Enterprises ===
 
=== Transition to Activist Investing ===
 
As the corporate raider era faded in the late 1980s and early 1990s — partly due to regulatory changes and the collapse of the junk bond market — Icahn transitioned his approach. Rather than pursuing outright hostile takeovers, he increasingly adopted what came to be known as "activist investing," a strategy in which a large shareholder acquires a significant position in a company and then publicly or privately advocates for specific changes to corporate governance, strategy, or capital allocation.<ref name="fool" />


Icahn is credited with helping to make activist investing a mainstream strategy among hedge funds and institutional investors. His model — acquiring a stake, publishing an open letter or making public demands, and using the threat of a proxy contest to compel change — became widely emulated by a subsequent generation of activist hedge fund managers.
Icahn Enterprises, originally known as American Property Investors, evolved into the primary vehicle through which Icahn managed his diverse portfolio of investments. The publicly traded holding company, listed on the [[NASDAQ]] under the ticker symbol IEP, held interests in a broad range of industries including energy, automotive, food packaging, metals, real estate, and home fashion. Through Icahn Enterprises, Icahn maintained controlling or significant minority stakes in numerous companies, using the conglomerate structure to diversify his holdings while retaining the flexibility to pursue activist campaigns.<ref>{{cite web |title=Carl Icahn's Strategic Moves: A Closer Look at Icahn Enterprises LP |url=https://finance.yahoo.com/news/carl-icahns-strategic-moves-closer-230624208.html |publisher=Yahoo Finance |access-date=2026-02-23}}</ref>


A notable example of Icahn's activist approach came in 2004 when he began a campaign against the management of Mylan Laboratories, a pharmaceutical company, in an effort to block its proposed acquisition of King Pharmaceuticals, which Icahn viewed as value-destructive for Mylan shareholders. In 2009, he took on Biogen, pushing the biotechnology company to consider strategic alternatives including a potential sale.<ref>{{cite news |title=Icahn Takes Fight to Biogen |url=https://www.nytimes.com/2009/06/04/business/04biogen.html |work=The New York Times |date=2009-06-04 |access-date=2026-02-23}}</ref>
By the third quarter of 2025, Icahn Enterprises' portfolio was valued at approximately $7.89 billion, with the top five holdings accounting for 89.74% of the total portfolio, reflecting Icahn's characteristic preference for concentrated bets on a small number of companies.<ref>{{cite web |title=Carl Icahn's Top 5 Positions Represent 89.74% Of The Total Portfolio |url=https://acquirersmultiple.com/2025/09/carl-icahns-top-5-positions-represent-89-74-of-the-total-portfolio/ |publisher=The Acquirer's Multiple |date=September 28, 2025 |access-date=2026-02-23}}</ref>


=== Icahn Enterprises ===
Since 2011, Icahn no longer managed money for outside clients, though investors could still gain exposure to his investment strategies by purchasing shares of Icahn Enterprises on the public market.<ref name="motleyfool" />


Icahn Enterprises, LP (formerly American Property Investors, Inc.) is the publicly traded holding company through which much of Icahn's investment activity is conducted. The diversified conglomerate has held interests in a wide range of industries, including energy, automotive, real estate, food packaging, metals, mining, and gaming.<ref name="britannica" />
=== Major Investments and Activist Campaigns ===


Among its holdings was Federal-Mogul, an auto parts manufacturer, which Icahn took control of and served in a leadership capacity. Icahn Enterprises has also held stakes in or controlled companies in the gaming industry; Icahn was notably involved with the Trump Taj Mahal casino in Atlantic City, New Jersey, which he closed in 2016 after a prolonged standoff with labor unions.<ref>{{cite web |title=Billionaire Carl Icahn Closes Trump Taj Mahal Casino After Union Standoff |url=https://www.forbes.com/sites/antoinegara/2016/10/10/billionaire-carl-icahn-closes-trump-taj-mahal-casino-after-union-standoff/#953445321af5 |publisher=Forbes |date=2016-10-10 |access-date=2026-02-23}}</ref>
Throughout the 2000s and 2010s, Icahn engaged in a series of high-profile activist campaigns targeting some of the largest companies in the United States. His approach typically involved acquiring a significant stake in a company, then publicly or privately pressuring management and the board of directors to implement changes — such as share buybacks, spin-offs, management replacements, or outright sales — that he argued would enhance shareholder value.


Icahn also explored the sale of the Fontainebleau Hotel and Casino on the Las Vegas Strip, a property he had acquired out of bankruptcy.<ref>{{cite news |title=Carl Icahn Looking to Sell the Fontainebleau Hotel and Casino on Las Vegas Strip |url=https://www.wsj.com/articles/carl-icahn-looking-to-sell-the-fontainebleau-hotel-and-casino-on-las-vegas-strip-1447261126 |work=The Wall Street Journal |date=2015-11-11 |access-date=2026-02-23}}</ref>
==== Biogen ====


As of the third quarter of 2025, the Icahn Enterprises portfolio was valued at approximately $7.89 billion, with the top five holdings accounting for 89.74% of the total portfolio, reflecting Icahn's characteristically concentrated investment style.<ref>{{cite web |title=Carl Icahn's Top 5 Positions Represent 89.74% Of The Total Portfolio |url=https://acquirersmultiple.com/2025/09/carl-icahns-top-5-positions-represent-89-74-of-the-total-portfolio/ |publisher=The Acquirer's Multiple |date=2025-09-28 |access-date=2026-02-23}}</ref> In early 2026, analysis of Icahn's fourth quarter 2025 13F filing continued to attract attention from financial analysts and investors tracking his strategic moves.<ref>{{cite news |title=Carl Icahn's Strategic Moves: A Closer Look at Icahn Enterprises LP |url=https://finance.yahoo.com/news/carl-icahns-strategic-moves-closer-230624208.html |work=Yahoo Finance |date=2026-02-17 |access-date=2026-02-23}}</ref>
In 2009, Icahn waged a proxy fight against biotechnology company [[Biogen]], seeking to replace board members and push for a sale of the company. The campaign drew significant attention in the pharmaceutical and biotech industries, though Biogen ultimately resisted Icahn's demands.<ref>{{cite news |date=June 4, 2009 |title=Biogen Idec Rebuffs Carl Icahn's Bid |url=https://www.nytimes.com/2009/06/04/business/04biogen.html |work=The New York Times |access-date=2026-02-23}}</ref>


Since 2011, Icahn has no longer managed money for outside clients, operating primarily through Icahn Enterprises. Investors seeking exposure to his investment strategy can do so through the publicly traded units of the company.<ref name="forbes" />
==== Apple Inc. ====


=== Apple Investment ===
One of Icahn's most closely watched investments was his stake in [[Apple Inc.]], which he first disclosed in August 2013 via a message on [[Twitter]], stating that he had taken a "large position" in the company and believed it to be undervalued.<ref>{{cite news |title=Carl Icahn Discloses Large Stake in Apple in Tweet |url=https://www.bloomberg.com/news/2013-08-13/carl-icahn-discloses-large-stake-in-apple-in-tweet.html |work=Bloomberg News |date=August 13, 2013 |access-date=2026-02-23}}</ref> By the end of September 2013, Icahn held approximately 39 million shares of Apple.<ref>{{cite news |title=Carl Icahn Owned 39 Million Shares Of Apple As Of September 30 |url=http://www.businessinsider.com/carl-icahn-owned-39-million-shares-of-apple-as-of-september-30-2013-11 |work=Business Insider |access-date=2026-02-23}}</ref> He publicly urged Apple's management to increase its share buyback program, arguing that the company's massive cash reserves were being underutilized. In April 2016, Icahn sold his entire stake in Apple, citing concerns about China's economic slowdown and its potential impact on Apple's sales in the country.<ref>{{cite news |title=Billionaire investor Carl Icahn sells entire stake in Apple |url=https://www.theguardian.com/technology/2016/apr/29/billionaire-investor-carl-icahn-sells-entire-stake-in-apple |work=The Guardian |date=April 29, 2016 |access-date=2026-02-23}}</ref>


One of Icahn's most high-profile investments of the 2010s was his large stake in [[Apple Inc.]] In August 2013, Icahn disclosed a significant position in Apple via a post on Twitter, stating that the company was undervalued and calling for increased share buybacks.<ref>{{cite news |title=Carl Icahn Discloses Large Stake in Apple in Tweet |url=https://www.bloomberg.com/news/2013-08-13/carl-icahn-discloses-large-stake-in-apple-in-tweet.html |work=Bloomberg News |date=2013-08-13 |access-date=2026-02-23}}</ref> As of September 30, 2013, Icahn held approximately 39 million shares of Apple.<ref>{{cite news |title=Carl Icahn Owned 39 Million Shares of Apple as of September 30 |url=http://www.businessinsider.com/carl-icahn-owned-39-million-shares-of-apple-as-of-september-30-2013-11 |work=Business Insider |date=2013-11 |access-date=2026-02-23}}</ref>
==== Pep Boys ====


Icahn publicly pressured Apple's management and board to return more capital to shareholders through larger buyback programs. His advocacy contributed to a broader conversation about capital allocation at Apple during this period. However, in April 2016, Icahn sold his entire stake in Apple, citing concerns about the impact of China's economic slowdown on the company's business.<ref>{{cite news |last= |first= |date=2016-04-29 |title=Billionaire investor Carl Icahn sells entire stake in Apple |url=https://www.theguardian.com/technology/2016/apr/29/billionaire-investor-carl-icahn-sells-entire-stake-in-apple |work=The Guardian |access-date=2026-02-23}}</ref> The investment was widely reported to have been highly profitable for Icahn.
In December 2015, Icahn took a stake in [[Pep Boys]], the automotive parts retailer, with the intention of exploring deal opportunities for the company. His involvement came amid a bidding war for Pep Boys, which ultimately resulted in a higher acquisition price for the company's shareholders.<ref>{{cite news |title=Pep Boys Rises After Icahn Takes Stake With an Eye Toward Deals |url=https://www.bloomberg.com/news/articles/2015-12-07/pep-boys-rises-after-icahn-takes-stake-with-an-eye-toward-deals |work=Bloomberg News |date=December 7, 2015 |access-date=2026-02-23}}</ref>


=== Pep Boys and Other Investments ===
==== Fontainebleau Las Vegas ====


Icahn's investment activities in the mid-2010s extended into the automotive retail sector. In December 2015, he acquired a stake in Pep Boys – Manny, Moe & Jack, the auto parts and service chain, with an eye toward potential deals involving the company.<ref>{{cite news |title=Pep Boys Rises After Icahn Takes Stake With an Eye Toward Deals |url=https://www.bloomberg.com/news/articles/2015-12-07/pep-boys-rises-after-icahn-takes-stake-with-an-eye-toward-deals |work=Bloomberg News |date=2015-12-07 |access-date=2026-02-23}}</ref> Icahn ultimately acquired Pep Boys in a deal that exemplified his long-standing strategy of purchasing companies in sectors he understood well and where he believed operational improvements could generate significant returns.
In 2015, Icahn sought to sell the [[Fontainebleau Las Vegas]], an unfinished luxury hotel and casino on the [[Las Vegas Strip]] that he had acquired out of bankruptcy at a steep discount. The property had been left incomplete after the 2008 financial crisis, and Icahn's efforts to sell it represented an attempt to realize a profit on one of the most prominent distressed-asset deals of the post-crisis era.<ref>{{cite news |title=Carl Icahn Looking to Sell the Fontainebleau Hotel and Casino on Las Vegas Strip |url=https://www.wsj.com/articles/carl-icahn-looking-to-sell-the-fontainebleau-hotel-and-casino-on-las-vegas-strip-1447261126 |work=The Wall Street Journal |date=November 11, 2015 |access-date=2026-02-23}}</ref>


Icahn has been involved in numerous other transactions across various sectors throughout his career, including investments in energy companies, real estate ventures, and technology firms. His concentrated portfolio approach — holding a small number of large positions rather than a diversified basket of investments — has been both a source of outsized returns and, at times, significant losses.
==== Trump Taj Mahal ====


=== Confrontation with Short Seller and Net Worth Decline ===
Icahn also had significant involvement in the [[Trump Taj Mahal]] casino in [[Atlantic City]], New Jersey. In October 2016, Icahn closed the Trump Taj Mahal following a prolonged standoff with the casino's labor union. The closure came after years of financial difficulties for the property and disputes over workers' benefits and compensation.<ref>{{cite news |last=Gara |first=Antoine |date=October 10, 2016 |title=Billionaire Carl Icahn Closes Trump Taj Mahal Casino After Union Standoff |url=https://www.forbes.com/sites/antoinegara/2016/10/10/billionaire-carl-icahn-closes-trump-taj-mahal-casino-after-union-standoff/#953445321af5 |work=Forbes |access-date=2026-02-23}}</ref>


In a development that drew significant attention in the mid-2020s, Icahn's net worth experienced a dramatic decline following a confrontation with a prominent short seller. According to reporting by the ''New York Post'' in November 2025, Icahn's fortune plummeted from a recent peak of approximately $17.5 billion to roughly $4.8 billion, representing a decline of nearly 75%. The drop was described as the largest of his career.<ref name="nypost" /> The episode raised questions about the structure and leverage employed at Icahn Enterprises and brought scrutiny to the company's financial disclosures.
=== Advisory Role in the Trump Administration ===


Despite these challenges, Icahn, nearing the age of 90, was reported in November 2025 by ''The Wall Street Journal'' to still be actively engaged in managing his investment empire. In an interview, Icahn stated that nothing compared to the thrill of being immersed in a fight, suggesting that his appetite for corporate confrontation remained undiminished.<ref name="wsj2025" />
In January 2017, Icahn was appointed as Special Advisor to the President on Regulatory Reform by President [[Donald Trump]], who had long maintained a personal relationship with the investor. Icahn served in an informal, unpaid advisory capacity and was not required to divest his holdings or comply with the same ethics rules that governed formal government employees. His role raised significant concerns among government ethics experts, who argued that his position could allow him to influence regulations affecting his own business interests.<ref>{{cite news |date=March 26, 2017 |title=Carl Icahn Got a Windfall From Trump's Regulatory Rollback |url=https://www.nytimes.com/2017/03/26/us/politics/carl-icahn-trump-adviser-red-flags-ethics.html |work=The New York Times |access-date=2026-02-23}}</ref>


=== Role as Adviser to President Trump ===
A 2017 investigation by ''[[The New Yorker]]'' described Icahn's role in the administration as a "failed raid on Washington," detailing how his efforts to reshape environmental regulations — particularly those related to the [[Renewable Fuel Standard]] — appeared to benefit his refining interests through his majority stake in [[CVR Energy]].<ref>{{cite news |title=Carl Icahn's Failed Raid on Washington |url=https://www.newyorker.com/magazine/2017/08/28/carl-icahns-failed-raid-on-washington |work=The New Yorker |access-date=2026-02-23}}</ref> Icahn resigned from his advisory position on August 18, 2017, ahead of the publication of an executive order that would have imposed stricter ethics requirements on advisors.


In January 2017, Icahn was named Special Advisor to the President on Regulatory Reform by President [[Donald Trump]]. In this unpaid role, Icahn was tasked with advising the new administration on issues related to deregulation and regulatory policy.<ref>{{cite news |title=Donald Trump's first 'Cabinet' pick is just as controversial as he is — and a lot richer |url=https://www.washingtonpost.com/news/wonk/wp/2015/09/29/donald-trumps-first-cabinet-pick-is-just-as-controversial-as-he-is-and-a-lot-richer/ |work=The Washington Post |date=2015-09-29 |access-date=2026-02-23}}</ref>
Prior to his formal advisory role, Icahn had been a vocal supporter of Trump's 2016 presidential campaign. In October 2015, he announced plans to establish a $150 million [[super PAC]] to advocate for corporate tax reform and other business-friendly policies, citing his support for Trump's candidacy.<ref>{{cite news |date=October 21, 2015 |title=Carl Icahn, Supporter of Donald Trump, Plans $150 Million Super PAC |url=https://www.nytimes.com/politics/first-draft/2015/10/21/carl-icahn-supporter-of-donald-trump-plans-150-million-super-pac |work=The New York Times |access-date=2026-02-23}}</ref> Trump had also publicly named Icahn as someone he would consider for the position of [[Secretary of the Treasury]], though the appointment ultimately went to [[Steven Mnuchin]].<ref>{{cite news |title=Trump's Man Steve Mnuchin: Wall Street, Hollywood and Now Treasury |url=http://www.foxbusiness.com/politics/2016/11/29/trumps-man-steve-mnuchin-wall-street-hollywood-and-now-treasury.html |work=Fox Business |access-date=2026-02-23}}</ref><ref>{{cite news |date=September 29, 2015 |title=Donald Trump's first Cabinet pick is just as controversial as he is — and a lot richer |url=https://www.washingtonpost.com/news/wonk/wp/2015/09/29/donald-trumps-first-cabinet-pick-is-just-as-controversial-as-he-is-and-a-lot-richer/ |work=The Washington Post |access-date=2026-02-23}}</ref>


However, Icahn's advisory role attracted controversy and scrutiny over potential conflicts of interest between his governmental advisory role and his business investments, particularly in the energy and refining sectors. A ''New York Times'' investigation in March 2017 highlighted ethical red flags associated with the arrangement.<ref>{{cite news |title=Carl Icahn Got Trump's Ear. But He Had Red Flags on Ethics. |url=https://www.nytimes.com/2017/03/26/us/politics/carl-icahn-trump-adviser-red-flags-ethics.html |work=The New York Times |date=2017-03-26 |access-date=2026-02-23}}</ref> A lengthy investigation by ''The New Yorker'' characterized the episode as a "failed raid on Washington."<ref>{{cite news |title=Carl Icahn's Failed Raid on Washington |url=https://www.newyorker.com/magazine/2017/08/28/carl-icahns-failed-raid-on-washington |work=The New Yorker |date=2017-08-28 |access-date=2026-02-23}}</ref>
=== Challenges and Net Worth Decline ===


Icahn resigned from his advisory position on August 18, 2017, just ahead of a ''New Yorker'' article that detailed the conflicts of interest associated with his role. His departure was announced via a letter in which Icahn stated that he did not want partisan bickering about his role to distract from the administration's agenda.
Icahn's fortune, which had peaked at approximately $17.5 billion, experienced a significant decline in the mid-2020s. By November 2025, his net worth had fallen to roughly $4.8 billion, representing a decline of nearly 75% from its peak. The drop was precipitated in part by a public battle with short seller [[Hindenburg Research]], which in May 2023 released a report alleging that Icahn Enterprises was significantly overvalued. The report triggered a steep decline in the share price of Icahn Enterprises, which in turn eroded Icahn's personal wealth substantially.<ref>{{cite news |date=November 5, 2025 |title=Carl Icahn's net worth plummets by billions — nearly 75% — after battle with short seller |url=https://nypost.com/2025/11/05/business/carl-icahns-net-worth-plummets-by-billions-after-battle-with-short-seller/ |work=New York Post |access-date=2026-02-23}}</ref>


Icahn had previously been a supporter of Trump's 2016 presidential campaign. In October 2015, he announced plans to create a $150 million super PAC to support candidates who shared his views on corporate tax reform and other economic issues, a move that drew attention to the intersection of his political and financial interests.<ref>{{cite news |title=Carl Icahn, Supporter of Donald Trump, Plans $150 Million Super PAC |url=https://www.nytimes.com/politics/first-draft/2015/10/21/carl-icahn-supporter-of-donald-trump-plans-150-million-super-pac |work=The New York Times |date=2015-10-21 |access-date=2026-02-23}}</ref>
Despite these setbacks, Icahn continued to manage his business empire actively. A November 2025 profile in ''The Wall Street Journal'' described the then-89-year-old as still deeply engaged in investment battles, stating that "nothing compares to the thrill of being immersed in a fight."<ref name="wsj2025" />


== Personal Life ==
== Personal Life ==


Carl Icahn has been married twice. His first marriage was to Liba Trejbal in 1979; the couple divorced in 1999. He subsequently married Gail Golden in 1999; that marriage also ended in divorce in 2025.<ref name="britannica" />
Carl Icahn has been married twice. His first marriage was to Liba Trejbal, a Czech-born woman, in 1979. The couple divorced in 1999. Icahn married his second wife, Gail Golden, a former broker and assistant, in 1999. That marriage also ended in divorce in 2025.<ref name="britannica" />
 
Icahn has been involved in philanthropic activities, including significant donations to education and medical research. He has funded the Icahn School of Medicine at Mount Sinai in New York City and other charitable initiatives, though he has generally maintained a relatively low public profile with regard to his charitable giving compared to some other billionaire investors.


A property owned by an Icahn Enterprises subsidiary, IEP Chester, in the Village of Chester in New York's Hudson Valley, attracted attention in 2025 when it was named by the federal government as a potential future facility for U.S. Immigration and Customs Enforcement (ICE). Reporting noted the connection between the warehouse property and Icahn, a former adviser to President Trump.<ref>{{cite news |title=Warehouse tied to investor Carl Icahn |url=https://www.chroniclenewspaper.com/news/local-news/warehouse-tied-to-investor-carl-icahn-FX5563241 |work=Chronicle Newspaper |access-date=2026-02-23}}</ref><ref>{{cite news |title=Former Trump adviser owns spot proposed for Hudson Valley ICE facility |url=https://www.timesunion.com/hudsonvalley/news/article/hudson-valley-ice-facility-carl-icahn-21290541.php |work=Times Union |access-date=2026-02-23}}</ref>
Icahn has been involved in philanthropic activities over the course of his career. He has made donations to educational causes, including contributions to schools in underserved communities and the founding of the Icahn Charter Schools. He also donated to [[Princeton University]], his alma mater, and the [[Icahn School of Medicine at Mount Sinai]] bears his name following a substantial gift.


Icahn has been based in various residences in New York City and Florida over the course of his career. As of 2025, Icahn Enterprises is headquartered in Sunny Isles Beach, Florida.<ref name="britannica" />
As of 2025, Icahn maintained residences in New York and Florida. A warehouse property in the Village of Chester, New York, owned by an Icahn Enterprises subsidiary, drew media attention in early 2025 when it was named by the federal government as a potential future facility for [[U.S. Immigration and Customs Enforcement]].<ref>{{cite web |title=Warehouse tied to investor Carl Icahn |url=https://www.chroniclenewspaper.com/news/local-news/warehouse-tied-to-investor-carl-icahn-FX5563241 |publisher=Chronicle Newspaper |access-date=2026-02-23}}</ref><ref>{{cite news |title=Former Trump adviser owns spot proposed for Hudson Valley ICE facility |url=https://www.timesunion.com/hudsonvalley/news/article/hudson-valley-ice-facility-carl-icahn-21290541.php |work=Times Union |access-date=2026-02-23}}</ref>


== Recognition ==
== Recognition ==


Icahn has been a perennial fixture on the [[Forbes 400]] list of the wealthiest Americans. At various points, ''Forbes'' has estimated his net worth in excess of $17 billion, though this figure declined substantially in the mid-2020s.<ref name="forbes" /><ref name="nypost" /> In 2013, he appeared on the ''Forbes'' list of the highest-earning hedge fund managers.<ref>{{cite web |title=Hedge Fund Managers 2013 |url=https://www.forbes.com/lists/2013/hedge-fund-managers-13_land.html |publisher=Forbes |access-date=2026-02-23}}</ref>
Icahn has appeared consistently on the [[Forbes 400]] list of the wealthiest Americans. According to ''[[Forbes]]'', he maintained a net worth that placed him among the most prominent financiers in the United States, though the precise figure has varied considerably depending on the performance of Icahn Enterprises and his broader portfolio.<ref>{{cite web |title=Carl Icahn |url=https://www.forbes.com/profile/carl-icahn/ |publisher=Forbes |access-date=2026-02-23}}</ref> He was also ranked among the highest-earning hedge fund managers in the industry's annual rankings. In 2013, ''Forbes'' included Icahn on its list of the top-earning hedge fund managers.<ref>{{cite web |title=Hedge Fund Managers 2013 |url=https://www.forbes.com/lists/2013/hedge-fund-managers-13_land.html |publisher=Forbes |access-date=2026-02-23}}</ref>


''The Motley Fool'' has described Icahn as ranking "among the world's most famous investors," noting his ascent to what it characterized as a legendary status in the financial industry.<ref name="fool" /> His investment strategies and activist campaigns have been the subject of extensive coverage in publications including ''The Wall Street Journal'', ''The New York Times'', ''Bloomberg'', and ''The New Yorker''.
Icahn has been the subject of extensive media coverage throughout his career. His deals, proxy fights, and public statements have been covered by major financial publications including ''The Wall Street Journal'', ''The New York Times'', ''Bloomberg News'', and ''Forbes''. A 2000 profile in ''BusinessWeek'' described him as "the once and future dealmaker," reflecting his enduring presence in American finance across multiple decades.<ref>{{cite web |title=Icahn: The Once and Future Dealmaker |url=https://web.archive.org/web/20120928220151/http://www.businessweek.com/stories/2000-06-11/icahn-the-once-and-future-dealmaker |publisher=BusinessWeek |access-date=2026-02-23}}</ref>


A profile in ''BusinessWeek'' in 2000 described Icahn as "the once and future dealmaker," acknowledging his enduring influence on American finance even after the corporate raider era had ended.<ref>{{cite web |title=Icahn: The Once and Future Dealmaker |url=https://web.archive.org/web/20120928220151/http://www.businessweek.com/stories/2000-06-11/icahn-the-once-and-future-dealmaker |publisher=BusinessWeek |date=2000-06-11 |access-date=2026-02-23}}</ref>
His activist investing approach has been studied in business and finance courses worldwide. Icahn is credited with helping to establish the legitimacy of shareholder activism as a strategy, demonstrating that outside investors could effect meaningful change at even the largest corporations. His willingness to engage in public confrontations with corporate boards, to wage expensive proxy fights, and to use the media to amplify his campaigns set a template that was subsequently adopted by a generation of activist hedge fund managers.
 
Icahn has been featured in numerous documentaries and financial media programs over the course of his career, and his tactics have been studied extensively in business schools as case studies in corporate governance, shareholder activism, and takeover strategy.


== Legacy ==
== Legacy ==


Carl Icahn's career spans more than five decades and encompasses some of the most consequential developments in American corporate finance. As one of the original "corporate raiders" of the 1980s, he helped reshape the relationship between shareholders and corporate management at a time when many boards of directors operated with limited accountability to investors. His hostile takeover of TWA remains one of the most cited examples of the leveraged buyout era, illustrating both the potential for financial gain and the social costs associated with aggressive corporate restructuring.
Carl Icahn's career has been marked by both admiration and controversy. His proponents credit him with championing the rights of shareholders, holding corporate managements accountable, and unlocking billions of dollars in value for investors. His critics have argued that his methods prioritized short-term gains over long-term corporate health, pointing to cases such as Trans World Airlines where companies deteriorated following his involvement.


Icahn's subsequent evolution into an activist investor helped establish a model that has since been adopted by dozens of hedge funds and investment firms. The strategy of acquiring significant stakes in publicly traded companies and pressuring management for change — through public letters, media campaigns, proxy fights, or the threat of a hostile takeover — has become a standard tool in the investor's arsenal, and Icahn is credited with pioneering this approach.<ref name="fool" />
The investment strategy that Icahn pioneered — acquiring significant stakes in public companies and then agitating for change — became one of the most prominent approaches in the hedge fund industry by the 2010s. Funds such as those managed by [[Bill Ackman]], [[Daniel Loeb]], and [[Paul Singer (businessman)|Paul Singer]] employed variations of the activist playbook that Icahn helped create. The transformation of shareholder activism from a fringe tactic to a mainstream investment strategy is frequently attributed, at least in part, to Icahn's decades of high-profile campaigns.<ref name="motleyfool" />


His investments in companies ranging from TWA to Apple to Pep Boys reflect a career characterized by a willingness to enter unfamiliar industries, a conviction-driven investment style, and a combative approach to corporate engagement. His concentrated portfolio strategy — as evidenced by the fact that his top five positions represented nearly 90% of his total portfolio as of 2025 — reflects an investment philosophy that eschews diversification in favor of deep conviction in a small number of positions.
Icahn's longevity in the financial industry is itself notable. As of late 2025, at the age of 89, he remained actively involved in running Icahn Enterprises and pursuing new investment positions, a span of activity stretching more than six decades from his start on Wall Street in 1961. His continued engagement in the face of the significant financial setbacks related to the Hindenburg Research short-selling campaign underscored his persistence as a defining trait.<ref name="wsj2025" />


At the same time, Icahn's career has not been without significant controversy. Critics have argued that his activist campaigns have at times prioritized short-term financial returns over the long-term health of the companies involved. His role as an adviser to President Trump and the associated conflicts of interest drew bipartisan criticism. And the steep decline in his net worth in the mid-2020s raised questions about the sustainability of the leveraged structures through which his empire operated.
The [[Icahn School of Medicine at Mount Sinai]] in New York, one of the premier medical institutions in the United States, carries his name, ensuring that his philanthropic contributions to medical education and research extend his public legacy beyond the financial world.
 
As of late 2025, Icahn, approaching the age of 90, remained an active participant in financial markets, continuing to manage his investments through Icahn Enterprises.<ref name="wsj2025" /> His longevity and continued engagement in the business world speak to the enduring nature of his influence on American capitalism.


== References ==
== References ==
<references />
<references />


[[Category:Investors]]
[[Category:Finance]]
[[Category:American people]]
[[Category:1936 births]]
[[Category:1936 births]]
[[Category:Living people]]
[[Category:Living people]]
[[Category:American billionaires]]
[[Category:American billionaires]]
[[Category:American businesspeople]]
[[Category:American investors]]
[[Category:American financiers]]
[[Category:Activist investors]]
[[Category:Corporate raiders]]
[[Category:American hedge fund managers]]
[[Category:American philanthropists]]
[[Category:Princeton University alumni]]
[[Category:Princeton University alumni]]
[[Category:Activist investors]]
[[Category:American financiers]]
[[Category:People from Queens, New York]]
[[Category:People from Queens, New York]]
[[Category:Corporate raiders]]
[[Category:People from New York City]]
[[Category:American people of Jewish descent]]
[[Category:Trump administration personnel]]
[[Category:Icahn Enterprises]]
[[Category:Forbes 400]]
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Latest revision as of 01:58, 24 February 2026

Carl Icahn
BornCarl Celian Icahn
16 2, 1936
BirthplaceNew York City, U.S.
NationalityAmerican
OccupationBusinessman, investor
TitleChairman, Icahn Enterprises
Known forFounding and controlling Icahn Enterprises; activist investing; 1980s "corporate raider"
EducationPrinceton University (B.A.)
Spouse(s)Template:Plainlist
AwardsForbes 400
Website[[carlicahn.com carlicahn.com] Official site]

Carl Celian Icahn (born February 16, 1936) is an American businessman, investor, and the founder and controlling shareholder of Icahn Enterprises, a diversified conglomerate holding company based in Sunny Isles Beach, Florida. Over a career spanning more than five decades on Wall Street, Icahn built his reputation through aggressive investment strategies, taking large positions in publicly traded companies and pressuring their management to adopt changes he believed would increase shareholder value. His approach in the 1980s, when he executed a hostile takeover of Trans World Airlines and was labeled a "corporate raider," helped define an era of leveraged buyouts and corporate restructuring that reshaped American business.[1] Icahn is credited with pioneering the strategy of activist investing and making it a mainstream approach for hedge funds. He has appeared consistently on the Forbes 400 list of the wealthiest Americans, though his fortune has fluctuated significantly over the years. As of late 2025, at the age of 89, Icahn remained actively involved in managing his business empire and pursuing new investment opportunities.[2]

Early Life

Carl Celian Icahn was born on February 16, 1936, in the Queens borough of New York City.[3] He grew up in a middle-class Jewish family in the Far Rockaway neighborhood of Queens. His father, Michael Icahn, was a cantor and later a substitute teacher, and his mother, Bella Icahn, also worked as a schoolteacher. The family's modest circumstances instilled in the young Icahn both a drive for financial success and a keen awareness of economic realities.

Icahn attended Far Rockaway High School, a public school in Queens that produced a notable number of future professionals and intellectuals. He demonstrated academic promise from an early age, which enabled him to gain admission to Princeton University, an achievement that represented a significant step for a young man from his socioeconomic background.[3]

Education

Icahn enrolled at Princeton University, where he studied philosophy. He graduated with a Bachelor of Arts degree in 1957, having written his senior thesis on "The Problem of Formulating an Adequate Explication of the Empiricist Criterion of Meaning," a topic rooted in logical empiricism and the philosophy of science.[3] After Princeton, Icahn briefly attended the New York University School of Medicine but did not complete his medical degree, choosing instead to pursue a career in finance. He subsequently entered the world of Wall Street, beginning his long career in the securities industry.[4]

Career

Early Wall Street Career

Icahn began his career on Wall Street in 1961 as a stockbroker. He worked at several firms, gaining experience in trading and securities before establishing his own brokerage firm, Icahn & Co., in 1968. The firm focused on risk arbitrage and options trading, areas that provided Icahn with a deep understanding of corporate valuations, deal structures, and the mechanics of mergers and acquisitions. Through Icahn & Co., he developed expertise in identifying companies whose stock prices did not reflect the underlying value of their assets — a skill that would become the foundation of his investment career.[3][4]

During the 1970s, Icahn began purchasing significant stakes in undervalued companies and pushing for changes designed to unlock shareholder value. This approach — buying into a company, then agitating for restructuring, asset sales, management changes, or outright acquisition — placed him at the vanguard of what would later be termed activist investing. His early forays into this strategy proved profitable and emboldened him to pursue increasingly ambitious targets.

Trans World Airlines and the "Corporate Raider" Era

Icahn's most defining deal of the 1980s was his hostile takeover of Trans World Airlines (TWA) in 1985. He acquired a controlling stake in the airline and became its chairman, a position he used to restructure the company's operations and sell off valuable assets, including its prized London routes. The TWA takeover became one of the most prominent examples of the "corporate raider" phenomenon of the 1980s, an era characterized by leveraged buyouts, hostile takeovers, and aggressive financial engineering. Critics accused Icahn of stripping TWA of its most valuable assets for personal profit while leaving the airline financially weakened. Supporters countered that the company had already been poorly managed and that Icahn's interventions were necessary to extract value for shareholders. TWA ultimately filed for bankruptcy multiple times after Icahn's tenure, fueling debate about the long-term consequences of his stewardship.[3][4]

The TWA deal cemented Icahn's reputation as one of the most aggressive investors of his generation and placed him alongside figures such as T. Boone Pickens and Nelson Peltz in the pantheon of 1980s corporate raiders. The strategies Icahn employed during this period — leveraged acquisitions, asset stripping, and proxy fights — became widely studied in business schools and widely imitated by a subsequent generation of hedge fund managers.

Icahn Enterprises

Icahn Enterprises, originally known as American Property Investors, evolved into the primary vehicle through which Icahn managed his diverse portfolio of investments. The publicly traded holding company, listed on the NASDAQ under the ticker symbol IEP, held interests in a broad range of industries including energy, automotive, food packaging, metals, real estate, and home fashion. Through Icahn Enterprises, Icahn maintained controlling or significant minority stakes in numerous companies, using the conglomerate structure to diversify his holdings while retaining the flexibility to pursue activist campaigns.[5]

By the third quarter of 2025, Icahn Enterprises' portfolio was valued at approximately $7.89 billion, with the top five holdings accounting for 89.74% of the total portfolio, reflecting Icahn's characteristic preference for concentrated bets on a small number of companies.[6]

Since 2011, Icahn no longer managed money for outside clients, though investors could still gain exposure to his investment strategies by purchasing shares of Icahn Enterprises on the public market.[4]

Major Investments and Activist Campaigns

Throughout the 2000s and 2010s, Icahn engaged in a series of high-profile activist campaigns targeting some of the largest companies in the United States. His approach typically involved acquiring a significant stake in a company, then publicly or privately pressuring management and the board of directors to implement changes — such as share buybacks, spin-offs, management replacements, or outright sales — that he argued would enhance shareholder value.

Biogen

In 2009, Icahn waged a proxy fight against biotechnology company Biogen, seeking to replace board members and push for a sale of the company. The campaign drew significant attention in the pharmaceutical and biotech industries, though Biogen ultimately resisted Icahn's demands.[7]

Apple Inc.

One of Icahn's most closely watched investments was his stake in Apple Inc., which he first disclosed in August 2013 via a message on Twitter, stating that he had taken a "large position" in the company and believed it to be undervalued.[8] By the end of September 2013, Icahn held approximately 39 million shares of Apple.[9] He publicly urged Apple's management to increase its share buyback program, arguing that the company's massive cash reserves were being underutilized. In April 2016, Icahn sold his entire stake in Apple, citing concerns about China's economic slowdown and its potential impact on Apple's sales in the country.[10]

Pep Boys

In December 2015, Icahn took a stake in Pep Boys, the automotive parts retailer, with the intention of exploring deal opportunities for the company. His involvement came amid a bidding war for Pep Boys, which ultimately resulted in a higher acquisition price for the company's shareholders.[11]

Fontainebleau Las Vegas

In 2015, Icahn sought to sell the Fontainebleau Las Vegas, an unfinished luxury hotel and casino on the Las Vegas Strip that he had acquired out of bankruptcy at a steep discount. The property had been left incomplete after the 2008 financial crisis, and Icahn's efforts to sell it represented an attempt to realize a profit on one of the most prominent distressed-asset deals of the post-crisis era.[12]

Trump Taj Mahal

Icahn also had significant involvement in the Trump Taj Mahal casino in Atlantic City, New Jersey. In October 2016, Icahn closed the Trump Taj Mahal following a prolonged standoff with the casino's labor union. The closure came after years of financial difficulties for the property and disputes over workers' benefits and compensation.[13]

Advisory Role in the Trump Administration

In January 2017, Icahn was appointed as Special Advisor to the President on Regulatory Reform by President Donald Trump, who had long maintained a personal relationship with the investor. Icahn served in an informal, unpaid advisory capacity and was not required to divest his holdings or comply with the same ethics rules that governed formal government employees. His role raised significant concerns among government ethics experts, who argued that his position could allow him to influence regulations affecting his own business interests.[14]

A 2017 investigation by The New Yorker described Icahn's role in the administration as a "failed raid on Washington," detailing how his efforts to reshape environmental regulations — particularly those related to the Renewable Fuel Standard — appeared to benefit his refining interests through his majority stake in CVR Energy.[15] Icahn resigned from his advisory position on August 18, 2017, ahead of the publication of an executive order that would have imposed stricter ethics requirements on advisors.

Prior to his formal advisory role, Icahn had been a vocal supporter of Trump's 2016 presidential campaign. In October 2015, he announced plans to establish a $150 million super PAC to advocate for corporate tax reform and other business-friendly policies, citing his support for Trump's candidacy.[16] Trump had also publicly named Icahn as someone he would consider for the position of Secretary of the Treasury, though the appointment ultimately went to Steven Mnuchin.[17][18]

Challenges and Net Worth Decline

Icahn's fortune, which had peaked at approximately $17.5 billion, experienced a significant decline in the mid-2020s. By November 2025, his net worth had fallen to roughly $4.8 billion, representing a decline of nearly 75% from its peak. The drop was precipitated in part by a public battle with short seller Hindenburg Research, which in May 2023 released a report alleging that Icahn Enterprises was significantly overvalued. The report triggered a steep decline in the share price of Icahn Enterprises, which in turn eroded Icahn's personal wealth substantially.[19]

Despite these setbacks, Icahn continued to manage his business empire actively. A November 2025 profile in The Wall Street Journal described the then-89-year-old as still deeply engaged in investment battles, stating that "nothing compares to the thrill of being immersed in a fight."[2]

Personal Life

Carl Icahn has been married twice. His first marriage was to Liba Trejbal, a Czech-born woman, in 1979. The couple divorced in 1999. Icahn married his second wife, Gail Golden, a former broker and assistant, in 1999. That marriage also ended in divorce in 2025.[3]

Icahn has been involved in philanthropic activities over the course of his career. He has made donations to educational causes, including contributions to schools in underserved communities and the founding of the Icahn Charter Schools. He also donated to Princeton University, his alma mater, and the Icahn School of Medicine at Mount Sinai bears his name following a substantial gift.

As of 2025, Icahn maintained residences in New York and Florida. A warehouse property in the Village of Chester, New York, owned by an Icahn Enterprises subsidiary, drew media attention in early 2025 when it was named by the federal government as a potential future facility for U.S. Immigration and Customs Enforcement.[20][21]

Recognition

Icahn has appeared consistently on the Forbes 400 list of the wealthiest Americans. According to Forbes, he maintained a net worth that placed him among the most prominent financiers in the United States, though the precise figure has varied considerably depending on the performance of Icahn Enterprises and his broader portfolio.[22] He was also ranked among the highest-earning hedge fund managers in the industry's annual rankings. In 2013, Forbes included Icahn on its list of the top-earning hedge fund managers.[23]

Icahn has been the subject of extensive media coverage throughout his career. His deals, proxy fights, and public statements have been covered by major financial publications including The Wall Street Journal, The New York Times, Bloomberg News, and Forbes. A 2000 profile in BusinessWeek described him as "the once and future dealmaker," reflecting his enduring presence in American finance across multiple decades.[24]

His activist investing approach has been studied in business and finance courses worldwide. Icahn is credited with helping to establish the legitimacy of shareholder activism as a strategy, demonstrating that outside investors could effect meaningful change at even the largest corporations. His willingness to engage in public confrontations with corporate boards, to wage expensive proxy fights, and to use the media to amplify his campaigns set a template that was subsequently adopted by a generation of activist hedge fund managers.

Legacy

Carl Icahn's career has been marked by both admiration and controversy. His proponents credit him with championing the rights of shareholders, holding corporate managements accountable, and unlocking billions of dollars in value for investors. His critics have argued that his methods prioritized short-term gains over long-term corporate health, pointing to cases such as Trans World Airlines where companies deteriorated following his involvement.

The investment strategy that Icahn pioneered — acquiring significant stakes in public companies and then agitating for change — became one of the most prominent approaches in the hedge fund industry by the 2010s. Funds such as those managed by Bill Ackman, Daniel Loeb, and Paul Singer employed variations of the activist playbook that Icahn helped create. The transformation of shareholder activism from a fringe tactic to a mainstream investment strategy is frequently attributed, at least in part, to Icahn's decades of high-profile campaigns.[4]

Icahn's longevity in the financial industry is itself notable. As of late 2025, at the age of 89, he remained actively involved in running Icahn Enterprises and pursuing new investment positions, a span of activity stretching more than six decades from his start on Wall Street in 1961. His continued engagement in the face of the significant financial setbacks related to the Hindenburg Research short-selling campaign underscored his persistence as a defining trait.[2]

The Icahn School of Medicine at Mount Sinai in New York, one of the premier medical institutions in the United States, carries his name, ensuring that his philanthropic contributions to medical education and research extend his public legacy beyond the financial world.

References

  1. ↑ "Carl Icahn | Biography, Documentary, & Facts".Britannica Money.https://www.britannica.com/money/Carl-C-Icahn.Retrieved 2026-02-23.
  2. ↑ 2.0 2.1 2.2 "Carl Icahn, Nearing 90, Is Still Trying to Right His Empire".The Wall Street Journal.November 5, 2025.https://www.wsj.com/finance/carl-icahn-nearing-90-is-still-trying-to-right-his-empire-ee40cbf8.Retrieved 2026-02-23.
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 "Carl Icahn | Biography, Documentary, & Facts".Britannica Money.https://www.britannica.com/money/Carl-C-Icahn.Retrieved 2026-02-23.
  4. ↑ 4.0 4.1 4.2 4.3 4.4 "Who Is Carl Icahn?".The Motley Fool.September 11, 2025.https://www.fool.com/investing/how-to-invest/famous-investors/carl-icahn/.Retrieved 2026-02-23.
  5. ↑ "Carl Icahn's Strategic Moves: A Closer Look at Icahn Enterprises LP".Yahoo Finance.https://finance.yahoo.com/news/carl-icahns-strategic-moves-closer-230624208.html.Retrieved 2026-02-23.
  6. ↑ "Carl Icahn's Top 5 Positions Represent 89.74% Of The Total Portfolio".The Acquirer's Multiple.September 28, 2025.https://acquirersmultiple.com/2025/09/carl-icahns-top-5-positions-represent-89-74-of-the-total-portfolio/.Retrieved 2026-02-23.
  7. ↑ "Biogen Idec Rebuffs Carl Icahn's Bid".The New York Times.June 4, 2009.https://www.nytimes.com/2009/06/04/business/04biogen.html.Retrieved 2026-02-23.
  8. ↑ "Carl Icahn Discloses Large Stake in Apple in Tweet".Bloomberg News.August 13, 2013.https://www.bloomberg.com/news/2013-08-13/carl-icahn-discloses-large-stake-in-apple-in-tweet.html.Retrieved 2026-02-23.
  9. ↑ "Carl Icahn Owned 39 Million Shares Of Apple As Of September 30".Business Insider.http://www.businessinsider.com/carl-icahn-owned-39-million-shares-of-apple-as-of-september-30-2013-11.Retrieved 2026-02-23.
  10. ↑ "Billionaire investor Carl Icahn sells entire stake in Apple".The Guardian.April 29, 2016.https://www.theguardian.com/technology/2016/apr/29/billionaire-investor-carl-icahn-sells-entire-stake-in-apple.Retrieved 2026-02-23.
  11. ↑ "Pep Boys Rises After Icahn Takes Stake With an Eye Toward Deals".Bloomberg News.December 7, 2015.https://www.bloomberg.com/news/articles/2015-12-07/pep-boys-rises-after-icahn-takes-stake-with-an-eye-toward-deals.Retrieved 2026-02-23.
  12. ↑ "Carl Icahn Looking to Sell the Fontainebleau Hotel and Casino on Las Vegas Strip".The Wall Street Journal.November 11, 2015.https://www.wsj.com/articles/carl-icahn-looking-to-sell-the-fontainebleau-hotel-and-casino-on-las-vegas-strip-1447261126.Retrieved 2026-02-23.
  13. ↑ GaraAntoineAntoine"Billionaire Carl Icahn Closes Trump Taj Mahal Casino After Union Standoff".Forbes.October 10, 2016.https://www.forbes.com/sites/antoinegara/2016/10/10/billionaire-carl-icahn-closes-trump-taj-mahal-casino-after-union-standoff/#953445321af5.Retrieved 2026-02-23.
  14. ↑ "Carl Icahn Got a Windfall From Trump's Regulatory Rollback".The New York Times.March 26, 2017.https://www.nytimes.com/2017/03/26/us/politics/carl-icahn-trump-adviser-red-flags-ethics.html.Retrieved 2026-02-23.
  15. ↑ "Carl Icahn's Failed Raid on Washington".The New Yorker.https://www.newyorker.com/magazine/2017/08/28/carl-icahns-failed-raid-on-washington.Retrieved 2026-02-23.
  16. ↑ "Carl Icahn, Supporter of Donald Trump, Plans $150 Million Super PAC".The New York Times.October 21, 2015.https://www.nytimes.com/politics/first-draft/2015/10/21/carl-icahn-supporter-of-donald-trump-plans-150-million-super-pac.Retrieved 2026-02-23.
  17. ↑ "Trump's Man Steve Mnuchin: Wall Street, Hollywood and Now Treasury".Fox Business.http://www.foxbusiness.com/politics/2016/11/29/trumps-man-steve-mnuchin-wall-street-hollywood-and-now-treasury.html.Retrieved 2026-02-23.
  18. ↑ "Donald Trump's first Cabinet pick is just as controversial as he is — and a lot richer".The Washington Post.September 29, 2015.https://www.washingtonpost.com/news/wonk/wp/2015/09/29/donald-trumps-first-cabinet-pick-is-just-as-controversial-as-he-is-and-a-lot-richer/.Retrieved 2026-02-23.
  19. ↑ "Carl Icahn's net worth plummets by billions — nearly 75% — after battle with short seller".New York Post.November 5, 2025.https://nypost.com/2025/11/05/business/carl-icahns-net-worth-plummets-by-billions-after-battle-with-short-seller/.Retrieved 2026-02-23.
  20. ↑ "Warehouse tied to investor Carl Icahn".Chronicle Newspaper.https://www.chroniclenewspaper.com/news/local-news/warehouse-tied-to-investor-carl-icahn-FX5563241.Retrieved 2026-02-23.
  21. ↑ "Former Trump adviser owns spot proposed for Hudson Valley ICE facility".Times Union.https://www.timesunion.com/hudsonvalley/news/article/hudson-valley-ice-facility-carl-icahn-21290541.php.Retrieved 2026-02-23.
  22. ↑ "Carl Icahn".Forbes.https://www.forbes.com/profile/carl-icahn/.Retrieved 2026-02-23.
  23. ↑ "Hedge Fund Managers 2013".Forbes.https://www.forbes.com/lists/2013/hedge-fund-managers-13_land.html.Retrieved 2026-02-23.
  24. ↑ "Icahn: The Once and Future Dealmaker".BusinessWeek.https://web.archive.org/web/20120928220151/http://www.businessweek.com/stories/2000-06-11/icahn-the-once-and-future-dealmaker.Retrieved 2026-02-23.

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