Why Icahn Enterprises Tanked This Week
It's been tough sledding of late for billionaire Carl Icahn's namesake master limited partnership Icahn Enterprises (NASDAQ: IEP). Through the first three and a half days of trading this week, the diversified holding company's units shed 16% of their value, according to data provided by S&P Global Market Intelligence.
Since the start of May, Icahn Enterprises' unit price has fallen by a staggering 38%, in part in response to the publication of a short-seller report from Nathan Anderson's Hindenburg Research on May 2.
In the report, Anderson's self-styled financial forensics firm called the holding company's valuation into question, along with the sustainability of its enormous dividend, which at recent share prices yields more than 20%. On Wednesday, Icahn responded to Hindenburg's various allegations for the second time this month.
Source Fool.com
