shares hit an intraday low of $31.78 - their lowest in more than a decade. The stock has lost nearly 35% since the release of the report.and relying on a "Ponzi-like" structure to pay dividends. Icahn called the report "self-serving."of his stake as collateral for personal loans.
Since its release on Tuesday, the Hindenburg report has wiped $7.5 billion off Icahn's fortune, leaving him with a net worth of $10.8 billion, according to Forbes. "Activist short attacks a few days before an issuer reports earnings are common because regulatory quiet periods can limit the issuer's ability to respond and catch them off-guard," said Josh Black, editor-in-chief ofIcahn Enterprises is scheduled to report its first-quarter earnings on Friday.
The attack has landed the famed corporate raider in uncharted waters. Known for his face-offs with industry heavyweights like McDonald's CorpBut Hindenburg has taken on several high-profile targets in recent months, including India's conglomerate Adani Group and Jack Dorsey-led digital payments platform Block IncReporting by Niket Nishant in Bengaluru; Editing by Saumyadeb Chakrabarty
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