on friday carl icahn enterprises iep experienced a historic 24 drop its most severe singleday decline following the announcement of a 50 cut in its quarterly distribution from 2 to 1 owned by legendary investor carl icahn the firm has seen a staggering 50 drop since hindenburg research published a short report in early may this plunge has wiped nearly 10 billion off the company’s market value dragging icahn’s net worth down to 78 billion the lowest it’s been since the bloomberg billionaires index started tracking it 11 years ago in may hindenburg research alleged that icahn’s investment vehicle iep had inflated asset values the report also revealed that icahn had borrowed from his own company icahn attributed the second quarter’s adverse effects in part to the impact of short selling of companies in which iep has stakes blaming the “misleading and selfserving” hindenburg report on friday hindenburg said on twitter that icahn enterprises had reported further investment losses and reduced its dividend hindenburg had predicted this outcome in may stating “icahn enterprises will eventually cut or eliminate its dividend entirely barring a miracle turnaround in investment performance” last month icahn consolidated all his debts under a new threeyear term loan backed by 320 million iep depositary units and 2 billion of interest in private investment funds managed by icahn enterprises a principal repayment of 500 million is due on or before sept 1 with quarterly payments of 875 million starting in september 2024 and a final sum of 25 billion at the end of the term this content was partially produced with the help of ai tools and was reviewed and published by benzinga editors