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Carl Icahn-Personality of the Week

carl icahnBorn in February 16, 1936, Carl Celian Icahn is an American investor and businessman. He is the majority shareholder of Icahn Enterprises, an expanded holding firm.

Icahn was brought up in the Far Rockaway that is in New York City’s Queens section. There, he attended Far Rockaway High School. Carl’s family was of Jewish descent. Though, his father was a “dogmatic atheist”.

His father was an unsatisfied opera singer. Before becoming a substitute teacher, he established on being a cantor. In 1957, he successfully graduated from Princeton University with a Bachelor of Arts degree in Philosophy. After that, he joined New York University School of Medicine; however, he dropped out two years later so that he could join the army.

Carl Icahn Achievements

Back in 1961, Icahn started his amazing career on Wall Street as a stockbroker. In the year 1968, he made Icahn & Co., which is a securities company that concentrated on risk arbitrage as well as options trading. In 1978, he started to take controlling positions in individual firms. He has successfully taken controlling or substantial positions in several corporations that include TWA, RJR Nabisco, Phillips Petroleum, Texaco, Gulf & Western, Western Union, Uniroyal, Viacom, Dan River, E-II (Culligan and Samsonite), Marshall Field’s American Can, Marvel Comics, USX, Imclone, Revlon, Fairmont Hotels, Federal-Mogul, Kerr-McGee, Blockbuster, Motorola, Time Warner, as well as Herbalife.

Icahn formed a status as a callous ‘corporate raider’ right after his antagonistic takeover of TWA in the year 1985. The takeover’s result was Icahn methodically selling assets of TWA to pay back the debt he used to buy the firm that was called as ‘asset stripping’. Icahn took TWA private in 1988 and gained a personal profit of about $469 million. That left TWA with a $540 million debt. Back in 1991, Icahn sold prized London routes of TWA to American Airlines for about $445 million.

Furthermore, Icahn tried the U.S. Steel’s grand prize that launched an intimidating takeover for 89 percent of the industrial giant for a total of $7 billion in late 1986. On January, 1987, he was rebuffed by CEO David Roderick finally.

By March 2013, his net worth is valued to be $20 million.

Back in 1985, Icahn successfully established Foxfield Thoroughbreds, which is a horse breeding procedure. That year’s sale of Newstead Farm Trust that was run by Fasig-Tipton, Icahn paid a total of $4 million for Larida, a 6-year-old mare as well as a record of $7 million for the 4-year-old bay mare named Miss Oceana who was in foal to titleholder sire called Northern Dancer.

Carl Icahn Quotes

‘The cardinal rule is to have enough capital at the end of the day.’

‘We’re both on a life raft right now. And it’s sinking. It doesn’t matter who got on first. We have to do something to save ourselves.’

‘I’m no Robin Hood. I enjoy making the money.’

To sum this article up, Carl Icahn is one of the most successful billionaires in the world. At age 78, he is still investing millions and making millions and millions of profit. All the best for the future, Carl!

 

 

 

 

 

 

 

 

 

 

 

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About Emaad Qureshi