Corp 1000

: Carl Icahn’s investment arm tumbles 21% after Ackman weighs in on Hindenburg report

The stock of Icahn Enterprises LP IEP tumbled 21% Thursday, a day after billionaire hedge-fund manager Bill Ackman, founder and chief executive of Pershing Square Capital Management, revived his longstanding feud with Carl Icahn in commentary on a recent short seller report. That report by Hindenburg Research accused Icahn’s publicly traded investment vehicle of inflating asset values and and causing his company to trade at a large premium. The report has cost IEP some $10.9 billion in lost market cap including Thursday’s move. Ackman taunted his rival by reiterating Icahn’s oft-quoted Wall Street saying that if you need a friend, get a dog. “Over his storied career, Icahn has made many enemies. I don’t know that he has any real friends. He could use one here,” Ackman wrote in a lengthy tweet. For more, see: Bill Ackman resurrects billionaire feud, saying Carl Icahn needs a friend

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Previous post How the A.I. explosion could save the market and maybe the economy
Next post When couples say they broke up over money, it’s not the real reason, therapist says. Here’s what is