Carl Icahn

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Trump Taj Mahal Is Shutting Down

Striking workers blame owner Carl Icahn

(Newser) - The Trump Taj Mahal in Atlantic City is closing down for good—two years after Donald Trump sued to get his name off the casino because its "appalling condition" was wrecking his brand. The casino is now owned by billionaire Carl Icahn and operated by his Tropicana Entertainment company,... More »

Apple 'Cheerleader' Icahn Dumps All His Stock

Billionaire is worried about China's influence, barriers against company

(Newser) - Just a few years ago, Carl Icahn opened his wallet to invest in Apple, calling such a move a "no-brainer," and became what the Guardian calls a "huge cheerleader" for the tech company. But that all changed this week as the billionaire investor made a decision to... More »

Icahn Drops $150M to Fight Corporate Tax Dodgers

He's the latest billionaire to get in the Super PAC game

(Newser) - Billionaire investor Carl Icahn said Wednesday he is creating a $150 million super PAC focused on revising corporate tax law. Icahn will use his super PAC to press Congress to pass legislation that stops US companies from moving their profits overseas to take advantage of lower tax rates — a... More »

Phil Mickelson, Carl Icahn Face Trading Probe

Sports bettor Billy Walters also caught up in investigation

(Newser) - An unusual trio of public figures is raising federal eyebrows in an insider-trading investigation. The FBI and SEC are looking into whether billionaire investor Carl Icahn might have passed information to Billy Walters, an expert bettor on sports, the Wall Street Journal reports. Officials wonder if, in turn, Walters may... More »

FBI Probes Herbalife Pyramid Scheme Allegations

Hedge fund manager made accusation in 2012

(Newser) - In December 2012, a hedge fund manager accused nutrition company Herbalife of being a pyramid scheme; now, the FBI is investigating. The criminal probe comes on top of civil investigations from multiple agencies, including the Federal Trade Commision, the Financial Times reports—though no charges have been filed. Following news... More »

Icahn: eBay Brass Should Resign Out of 'Pure Decency'

Investor accuses board of improprieties

(Newser) - EBay's board is so rife with conflicts of interest that Carl Icahn penned a scathing open letter today, escalating his campaign to force the online auctioneer to spin off PayPal. Icahn bought a 2% stake in eBay last month, and had been preparing to fight for two board seats,... More »

Apple Sitting on Extraordinary Pile of Cash

As in, it holds 10% of all corporate cash out there

(Newser) - Apple CEO Tim Cook had dinner with billionaire investor Carl Icahn last night, and Icahn gave him an earful: He says he "pushed hard" for a $150 billion buyback for shareholders, reports Bloomberg . And as a new Moody's analysis shows, the company is sitting on an enormous cash... More »

Icahn Drives Apple Stock 5% With a Single Tweet

Now Carl Icahn is pushing for a $150 billion buyback

(Newser) - "We currently have a large position in APPLE," activist investor Carl Icahn tweeted yesterday. "We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come." That was enough to send Apple stocks soaring up 5%, closing yesterday at $489.57. But... More »

Carl Icahn Could Snatch Dell Away From Michael Dell

Two alternative offers come in for tech giant

(Newser) - Michael Dell might not get the company he founded back after all. Carl Icahn and the Blackstone Group have both put in competing bids for Dell (the company), and they both appear to value it more highly than the offer Dell (the guy) put in last month , the company confirmed... More »

Icahn Sours at Taste of Netflix's 'Poison Pill'

Slams stock move as 'poor corporate governance'

(Newser) - Billionaire investor Carl Icahn isn't happy with Netflix's plan to avoid a takeover, and he told the SEC as much yesterday. In a filed statement, he called the company's share-diluting "poison pill" decision "an example of poor corporate governance," the Los Angeles Times reports.... More »

Eying Icahn Takeover, Netflix Turns to 'Poison Pill'

Company seeks to dilute share values after investor picks up 10%

(Newser) - Following billionaire investor Carl Icahn's purchase of a 10% stake in Netflix , word is out that he may push the company to sell—so Netflix has opted for the "poison pill" approach. The company is giving shareholders the right to snap up more stock if any single shareholder... More »

Carl Icahn Buys 10% Stake in Netflix

He thinks it's undervalued; move sends shares soaring

(Newser) - Netflix is having a busy week, and not only because storm-bound viewers streamed lots of movies . News broke today that billionaire financier Carl Icahn has bought a 10% stake in the company because he thinks it's undervalued, reports MarketWatch . Shares immediately surged 20%, prompting a temporary halt in trading,... More »

Icahn Makes $10.2B Bid for Clorox

Billionaire investor has big target in mind

(Newser) - Carl Icahn is offering to take Clorox private in a deal that values the consumer products maker at about $10.2 billion. The billionaire investor’s firm has proposed paying $76.50 a share for Clorox, which, in addition to cleaning products, makes Hidden Valley salad dressing and the Burt'... More »

Two Gamblers Take NJ Casino for $11M

Winning craps player leaves $150K tip

(Newser) - The balance sheet of Atlantic City's Tropicana Casino has taken a pounding from a pair of high rollers who won more than $5 million each just 6 weeks apart. A blackjack player beat the casino for $5.8 million in April and a craps player won $5.3 million... More »

Zuckerberg, 15 Other Tycoons Vow to Give Away Fortunes

Facebook founders join Gates, Buffett's 'Giving Pledge'

(Newser) - Facebook founders Mark Zuckerberg and Dustin Moskovitz, the youngest billionaires in America, have become the youngest billionaires in history to pledge to give away most of their money. The pair are among 16 billionaires who have recently signed the "Giving Pledge" organized by Bill Gates and Warren Buffett, the... More »

Hedge Fund Managers Rake In Record $25B

Top 25 managers cleaned up by betting on bank bailout

(Newser) - Betting correctly that the federal government would not let more banks fail after the cruel denouement of 2008, hedge fund managers engineered a record payday for themselves in 2009. The top 25 brought in $25.3 billion, topping 2007’s record by a healthy margin, and the $4 billion taken... More »

Mega-Lender CIT Files Chapter 11

Bailed-out firm's move will cost government $2.3B

(Newser) - CIT Group, a major lender to small and medium-sized American businesses, filed for Chapter 11 today. The move means the government is most likely out the $2.3 billion in TARP bailout funds it put up last year. The "prepackaged" procedure is intended to allow CIT, which reported $71... More »

Taxpayers Must Become Activist Investors: Icahn

What the government did at GM should be a lesson: get rid of bad leadership

(Newser) - Barney Frank was right when he said a retention bonus is “a nice word, it turns out, for extortion,” writes Carl Icahn for the Huffington Post. “Very few managers are irreplaceable, especially in this economy”—so why do they get paid extra to stay with a... More »

Icahn Stock Grab May Signal New Yahoo CEO

(Newser) - Corporate raider Carl Icahn bought about $65 million in Yahoo shares this week, sparking AllThingsD blogger Kara Swisher to speculate that an "Icahn-friendly" CEO is on the way. Icahn's purchase, likely an attempt to recoup the $900 million he lost on his Yahoo stake this year, points to two... More »

Hedge Fund Selloffs Behind Swooning Dow

Investors cashing out in record numbers to meet obligations

(Newser) - Hedge funds are increasingly to blame for the swooning Dow, the Wall Street Journal reports, as demands from investors to withdraw funds have sparked a securities selling frenzy in recent days. The rush to withdraw comes as investors—endowments and  pension funds as well as wealthy individuals—see other investments... More »

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