Hindenburg Research's Short-Seller Campaign Targets Carl Icahn's Hedge Fund
Carl Icahn's net worth dropped by an unprecedented 41% to $14.6 billion after short-seller Hindenburg Research accused him of using a "ponzi-like" economic structure at his investment company, Icahn Enterprises. The company fell by 20%, erasing $3.1 billion from his fortune, and Hindenburg's report also detailed the investor's margin loan collateralized by his stake in the company, which was not previously accounted for by the Bloomberg Billionaires Index, lopping off another $7.3 billion from the net worth calculation.