On Friday, Carl Icahn Enterprises (NASDAQ:IEP) experienced a historic 24% drop, its most severe single-day decline, following the announcement of a 50% cut in its quarterly distribution from $2 to $1.
Owned by legendary investor Carl Icahn, the firm has seen a staggering 50% drop since Hindenburg Research published a short report in early May. This plunge has wiped nearly $10 billion off the company’s market value, dragging Icahn’s net worth down to $7.8 billion, the lowest it’s been since the Bloomberg Billionaires Index started tracking it 11 years ago.
