 "Carl Icahn")
After collapsing Adani shares price, short-selling company Hindenburg moved towards its new target Icahn Enterprises, a conglomerate where activist Carl Icahn owns the majority of stakes.
In its latest research, Hindenburg claims that the valuation of IEP units unfairly increased by 75%. The report stated, "IEP trades at a 218 per cent premium to its last reported net asset value (NAV), vastly higher than all comparables."
As soon as Hindenburg's report was published, it subsequently plunged the IEP shares and wiped out $2.9 billion off Iachn's net worth, leaving him with an estimated $14.7 billion, according to Forbes.
In response to Hindenburg's report, Icahn rejected all the claims and said in an IEP statement that Hidenburg's report is self-serving and aimed to generate profits from IEP's long-stake shareholders.
The statement further said, "We stand by our public disclosures, and we believe that IEP's performance will speak for itself over the long term as it always has."
Icahn Enterprises is one of the most successful investment firms based in Sunny Isles Beach, Florida. It is also the chief investment vehicle of Icahn, who is popularly known for his face-offs with several high-profile firms.
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The Hindenburg report comes after the Hindenburg report claimed that former block employees estimated 40 to 75% of accounts were fake, involved in fraud or more than one account added to a single individual.
Hindenburg alleged that the payment firm overstated its user's number of Cash Applications and understated its customer acquisition cost.
The short seller companies targeted a number of such companies over the years, where they have targeted penny stocks like CWorx Corp. and Ideanomics Inc to big companies such as Adani Group, and Icahn and Jack Dorsey’s Block.
