Hindenburg revealed that it has taken a short position on units of Icahn Enterprises.
The firm alleged that IEP’s “units” of assets under investment “are inflated by 75%” – with IEP trading “at a 218% premium to its last reported net asset value .”
Hindenburg also laid some blame on the financial services firm Jefferies – noting it is the “only large investment bank with research coverage on IEP.” “In essence, Jefferies is luring in retail investors through its research arm under the guise of IEP’s ‘safe’ dividend, while also selling billions in IEP units through its investment banking arm to support the very same dividend,” Hindenburg alleged.Icahn, 87, is one of the world’s richest individuals, with an estimated net worth of $24.
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