Carl Celian #Icahn (born February 16, 1936) is an American #businessman, #investor, and #philanthropist. He is the founder and controlling shareholder of Icahn Enterprises, a diversified conglomerate holding #company based in New York City, formerly known as American #RealEstate Partners. He is also Chairman of #FederalMogul, an American developer, #manufacturer and supplier of powertrain components and vehicle safety products.
Carl Icahn is an activist, and pugnacious investor that uses ownership positions in publicly held companies to force changes to increase the value of his shares. Icahn started his corporate raiding activities in earnest in the late 1970s and hit the big leagues with his hostile takeover of #TWA in 1985. Icahn is most famous for the “Icahn Lift.” This is the Wall Street catchphrase that describes the upward bounce in a company’s stock #price that typically happens when Carl Icahn starts buying the stock of a company he believes is poorly managed.
In the 1980s Icahn developed a reputation as a “corporate raider” after profiting from the #hostile #takeover and asset stripping of the American airline TWA. According to #Forbes magazine, Icahn had a net worth of $16.6 billion in 2017, making him the 26th-wealthiest person on the Forbes 400, and the 5th-#wealthiest #hedgefund #manager.
Icahn was making enough money for his employer that he felt ready to open his own shop. He turned to his uncle, Elliot Schnall, a recently divorced owner of a successful loose-leaf-binder business. Icahn had made Schnall a lot of money over the years with #investment #tips, and so Schnall agreed to loan him the $400,000 to buy a seat on the New York Stock Exchange (#NYSE).