This Billionaire Activist Just Loaded Up on Beaten-Down Cloudera
When billionaire activist investor Carl Icahn makes a move, investors usually listen. The activist investor and head of Icahn Enterprises (NASDAQ: IEP) has had a sterling track record over the past 20 years, and is known for making purchases of beaten-down stocks, then shaking up management teams to unlock value. Icahn doesn't always "go activist," however. For instance, Icahn made a lot of money in Netflix when he invested after its Qwikster debacle, without making any management changes.
Icahn made a roughly $200 million purchase of another beaten-down tech stock, Cloudera (NYSE: CLDR), scooping up 12.62% of the company's shares over the course of many separate purchases in July. In a filing with the Securities and Exchange Commission, Icahn Enterprises also indicated that it intends to communicate with Cloudera's board about unlocking shareholder value, and may seek a board seat. Since then, he's followed up with additional purchases to take his stake all the way to 16.48%, worth roughly $290 million at current prices.
The news sent Cloudera shares up by double digit percentages last week, yet its stock remains well below levels seen last year:
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