Icahn Makes $234 Million as Ackman Fails With Herbalife
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Bill Ackman handed Carl Icahn a big reason to think fondly of the hedge-fund manager, a week after the two staged a public reconciliation over disagreements that stretch back a decade.
Icahn, 78, made $234 million yesterday on his stake in Herbalife Ltd., as a three-hour-plus presentation by Ackman in New York, meant to show that the company is a fraud, failed to convince the market. Instead Herbalife shares rocketed more than 25 percent to $67.77, their biggest single-day gain. Icahn is the largest shareholder in the company with a 17.3 percent stake.