Carl Icahn’s investment firm has now shed 61% of its market cap this month


Icahn Enterprises LP’s stock IEP, +0.22% fell another 3% Friday to extend its month-to-date losses to 61%. The stock has been under pressure since a May 2 report by short-selling firm Hindenburg Research that accused Icahn’s publicly traded investment vehicl eof inflating asset values and causing his company to trade at a large premium. The report from May 2 has cost IEP more than $10.9 billion in lost market cap. The stock took another downturn on Thursday, after Bill Ackman, founder and chief executive of Pershing Square Capital Management, weighed in on the Hindenburg report with some thoughts of his own, that revived a longstanding fued between the two billionaires. Ackman taunted his rival by reiterating Icahn’s oft-quoted Wall Street saying that if you need a friend, get a dog. “Over his storied career, Icahn has made many enemies. I don’t know that he has any real friends. He could use one here,” Ackman wrote in a lengthy tweet. IEP shares are down 38.5% this week alone.

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