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Icahn Dumps More Than Half His Stake in Gas Giant Chesapeake

  • Billionaire activist whittles holding to less than 5 percent
  • Icahn spearheaded shareholder revolt against Aubrey McClendon
Updated on

Billionaire investor Carl Icahn said his decision to cut his stake in shale driller Chesapeake Energy Corp. by more than half to 4.6 percent was for tax reasons, and he retains his confidence in the company’s top executives.

Icahn, the activist investor who helped lead the shareholder revolt that toppled Chesapeake’s co-founder, the late Aubrey McClendon, in 2013, is no longer the Oklahoma City-based explorer’s biggest holder after disclosing the change in a filing on Monday. After tumbling 7.4 percent on Monday, Chesapeake shares rose as much as 2.2 percent to $6.96 in intraday trading Tuesday.