Icahn Enterprises, the investment firm headed by renowned activist investor Carl Icahn, announced on Thursday that it will cut its quarterly distribution from $2 to $1 per unit of deposit. He cited a report by short-selling investor Hindenburg Research as the reason for the loss in the second quarter, which doubled from a year earlier.
As a result, the company’s stock price has been selling since the opening of the US market.
Icahn said he was refocusing on his core activism strategy and had significantly reduced hedging. Icahn Enterprises shares have fallen about 30% since the beginning of the year after Hindenburg released a report in May that it was exploiting fraudulent economic structures.
The company posted a net loss of $269 million (approximately ¥38 billion) in its April-June financial results, an increase from $128 million in the same period last year. $2.5 billion in revenue.
Original title:Icahn Enterprises Plunges After Cutting Firm’s Payout in Half (excerpt)
2023-08-04 13:56:56
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