Carl Celian Icahn (born February 16, 1936) is an American billionaire financier, corporate raider, and private equity investor. In 2008 his net worth was US$14 billion, putting him in an eight way tie for the 46th richest man in the world. In 2009 Forbes recalculated his net worth as $9 billion, but now he is in an eight way tie for the 43rd richest man in the world.
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Carl Celian Icahn (born February 16, 1936) is an American billionaire financier, corporate raider, and private equity investor. In 2008 his net worth was US$14 billion, putting him in an eight way tie for the 46th richest man in the world. In 2009 Forbes recalculated his net worth as $9 billion, but now he is in an eight way tie for the 43rd richest man in the world.
Biography
Icahn was raised in a Jewish family in Far Rockaway, Queens, New York City. He was educated at Princeton University (A.B., Philosophy, 1957) and New York University School of Medicine, but left prior to graduation.
Icahn began his career on Wall Street in 1961. In 1968, he formed Icahn & Co., a securities firm that focused on risk arbitrage and options trading. In 1978, he began taking control of positions in individual companies. He has taken substantial or controlling positions in various corporations including: RJR Nabisco, TWA, Texaco, Phillips Petroleum, Western Union, Gulf & Western, Viacom, Uniroyal, Dan River, Marshall Field, E-II (Culligan and Samsonite), American Can, USX, Marvel Comics, Revlon, Imclone, Federal-Mogul, Fairmont Hotels, Kerr-McGee, Time Warner and Motorola.
Recently, Icahn was shown to be interested in the takeover of Yahoo! and the ousting of Jerry Yang from his current position as CEO to allow Microsoft to purchase the web company.
In June 2008, Icahn launched The Icahn Report which campaigns for shareholder rights. It hosts United Shareholders of America where individual investors can sign up and take part.
Business interests
As of 2007, Icahn and his affiliates currently own majority positions in firms including ACF Industries, American Railcar Industries, XO Communications, Philip Services, and NYSE-listed Icahn Enterprises, formerly known as American Real Estate Partners.
Icahn is a director of Blockbuster Inc., and the Chairman of Imclone, Icahn Enterprises LP, XO Communications Inc, WestPoint Home Inc., Cadus, and American Railcar Industries. Also he is a beneficial owner of Adventrx Pharmaceuticals Inc, Vector Group Ltd and has had significant holdings in Time Warner Inc. Icahn has also tried to take over Marvel Comics, coming into conflict with Avi Arad, Ron Perelman, and Ike Perlmutter.
In 2004, Icahn purchased a large block of stock in a pharmaceutical concern, Mylan Laboratories, after Mylan had announced a deal to acquire another company in that market, King Pharmaceuticals, of Bristol, Tennessee. Icahn threatened a proxy fight over the acquisition, saying that the contract required Mylan to over-pay. He also contended that Mylan's chief executive, Robert J. Coury was significantly overcompensated and that Mylan's corporate governance was otherwise badly flawed.
In early 2005, Mylan gave up its efforts to acquire King, but management said this was a result of its ongoing monitoring of relevant facts, not due to pressure from Mr. Icahn.
