Icahn Enterprises drops after warning of decline in asset value

Icahn Enterprises LP

21/02/2024 17:11

(Updates)
    ** Shares of investment firm Icahn Enterprises  IEP.O  fall
nearly 9% to $19.63
    ** The company, owned by billionaire activist investor Carl
Icahn, estimates indicative net asset value in Q4 to be down
nearly 8% from Q3
    ** Stock has been under pressure since Hindenburg Research
shorted IEP last year
    ** IEP also names insider Andrew Teno as its CEO, replacing
David Willetts, who will head one of its portfolio companies
    ** Maintains quarterly dividend of $1 per depository unit
    ** Investors have been closely watching IEP's dividend in
recent months after Hindenburg accused it of operating a
"ponzi-like" structure for payouts 
    ** IEP has denied all of Hindenburg's allegations
    ** Since the short seller's report in May, IEP stock has
dropped nearly 60% in value

 (Reporting by Arasu Kannagi Basil and Niket Nishant in
Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))