Icahn Enterprises' Stock Drops 15% Amid Federal Probe and Investor Concerns.
TL;DR Summary
Icahn Enterprises' stock fell 15% after the company disclosed that it is under investigation by federal prosecutors. The investigation was launched after Hindenburg Research released a report accusing the company of a "Ponzi-like" structure. The prosecutors sought information about dividends and corporate governance, among other topics. Icahn and "affiliates" own approximately 84% of Icahn Enterprises. The slump in IEP shares has sent Icahn's net worth down nearly 40%.
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