Business
Icahn Enterprises Responds to Self-Serving Short Seller Report
SUNNY ISLES BEACH, Fla., May 10, 2023 /PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq: IEP) ("IEP" or the "Company") today issued the following statement in
About this update from Icahn Enterprises L.p.
[{"type":"text","content":"SUNNY ISLES BEACH, Fla., May 10, 2023 /PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq: IEP) (\"IEP\" or the \"Company\") today issued the following statement in response to a short seller's misleading and self-serving report published on May 2, 2023:\nChairman of the Board, Carl C. Icahn, stated: \"Hindenburg Research, founded by Nathan Anderson, would be more aptly named Blitzkrieg Research given its tactics of wantonly destroying property and harming innocent civilians. Mr. Anderson's modus operandi is to launch disinformation campaigns to distort companies' images, damage their reputations and bleed the hard-earned savings of individual investors. But, unlike many of its victims, we will not stand by idly. We intend to take all appropriate steps to protect our unitholders and fight back.\n\"We believe that the greatest paradigm for investment success is activism. We have a long-held belief that at far too many companies today there is no real corporate governance and therefore no accountability and, as a result, companies are not nearly as productive as they should be. The failure of our system presents an opportunity for activists, like us, who are willing to spend the energy, the time and the money to breach the walls that far too many corporations have built to entrench themselves. Over the years, we have generated hundreds of billions of dollars of value for stockholders through activist campaigns where we were able to guide boards and CEOs to take the steps necessary to enhance the value of their companies. Examples of these, to name a few, are Texaco, Reynolds, Netflix, Forest Labs, Apple, CVR Energy, Herbalife, eBay, Tropicana, Cheniere, and Occidental.\n\"In more recent years the performance of our investment segment has been lower than our historical averages. A key detractor has been our bearish view of the market, causing us to have a large net short position. We recently have taken steps to reduce the short positions in our hedge book and concentrate for the most part on activism, which has served us so well in the past. We believe our existing portfolio has considerable upside potential over the coming years.\n\"We expect that, over time, IEP's performance will speak for itself. We have a strong balance sheet, with $1.9 billion of cash and $4 billion of additional liquidity, and stand ready to take advantage of al...