Hindenburg's Short Report Causes Icahn's Wealth to Plummet by $10 Billion

Hindenburg Research has announced that Carl Icahn's holding company, Icahn Enterprises, is the target of its latest short sell, causing the firm's largest intraday drop since 2010. Hindenburg's report claims that Icahn Enterprises is overpriced and has inflated the value of some of its assets by 75% or more. Icahn and his son own roughly 85% of the company. Hindenburg also criticizes Icahn Enterprise’s business practices, accusing the company of using money from new investors to pay out dividends to old ones. Icahn has made billions of dollars as an activist investor, buying large stakes in publicly traded companies to force changes that will drive the stock up.