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Hindenburg said in a report released Tuesday that they believe Icahn, a Wall Street legend, made a classic mistake. It means taking a lot of leverage despite huge losses. The Hindenburg report also says that things don’t go well where debt and leverage come together.
Carl Icahn is one of the greatest investors in corporate history. He has been in the limelight since taking over rival Trans World Airlines in the 1980s. He recently invested in McDonald’s and biotech firm Illumina.
Florida-based Icahn Enterprises is a holding company. Many businesses are associated with the company. Energy, automotive, food packaging, metals, real estate businesses are just some of them.
Icahn Enterprises paid a dividend of 15.9% to investors. But Hindenburg alleges that this high dividend is dubious. The Hindenburg report said that this level of dividend is not justified considering the company’s cash flow and performance on an investment basis.
But Icahn Enterprises said in a statement that Hindenburg was only trying to make a profit through short selling. Hindenburg is trying to profit from short positions at the expense of the company’s long-term investors. The company said that Icahn Enterprises will continue to perform well in the future as it has done so far, which is a response to the allegations.
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