Pershing Square founder Bill Ackman has warned that his investment firm’s rival, Icahn Enterprises, could prove to be another Archegos, a hedge fund whose spectacular 2021 implosion caused losses of over $10 billion for Wall Street banks.
In early May, Hindenburg Research accused the holding company and its famous controlling owner, Carl Icahn, of employing “Ponzi-like” economics by paying off existing retail investors with unsustainably large dividends funded by new investors buying its stock exchange-listed depositary units.
