It is tough being the Superman of Shareholders, rescuing investors from villainous corporate boards. Or at least that’s the way Mr. Icahn, who is 72, sees himself these days.
“It’s awful the way all these entrenched boards act,” he grumbled in his raspy voice as he slurped shark fin soup. “Someone’s got to stand up and say something. That’s what I do. And maybe I’ll make a little money at it.”
“Make a little money at it?” Mr. Icahn has already made more than a little in just the past couple weeks. From Silicon Alley Insider:
Ain’t it just grand to be a corporate raider? The Yahoo fight hasn’t even started yet, and already Carl Icahn has made more than $120 million.
How? By starting to buy Yahoo’s stock the moment Microsoft withdrew its bid–when Wall Street analysts were frantically downgrading the stock and experts (yours truly) were predicting it would fall to the low $20s. Which it did. Which is where Carl Icahn hoovered up his first 15 million shares. And then he snapped up another 15 million or so the next day, when it was trading at about $24-$25.
With the stock over $27 today Icahn is already sitting on some pretty profits. If he gets his way and Microsoft ends up buying Yahoo for anything close to the $33 offer, he’ll make about half-a-billion dollars.
Forget the superman metaphor, I dub Icahn the King of Shareholders.
A Gamble, but What if He Wins?
Andrew Ross Sorkin
The New York Times
Carl Icahn Already Up $120+ Million on Yahoo Bet (YHOO)
Silicon Alley Insider