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Here's a look at the life of investor Carl Icahn.
Birthdate: February 16, 1936
Place of birth: Brooklyn, New York
Birth name: Carl Celian Icahn
Father: Michael Icahn, singer and teacher
Mother: Bella (Schnall) Icahn, teacher
Marriages: Gail Golden (1999-present); Liba Trejbal (1979-1999, divorced)
Children: with Liba Trejbal: Michelle and Brett
Education: Princeton University, B.A., Philosophy, 1957; Attended New York University School of Medicine, 1957-1960
Military service: US Army
He did a brief stint in the military after dropping out of medical school.
He was close to his uncle M. Elliot Schnall, who loaned him $400,000 to buy a seat on the New York Stock Exchange.
He has been sued and investigated numerous times for issues ranging from corporate debt repayment to possible federal securities violations.
It has been called a “corporate raider” amid accusations of using a strategy known as greenmail: forcing target companies to buy back their own shares at higher (premium) prices.
Oliver Stone met Icahn while working on the 1987 film “Wall Street.” Icahn provided the character Gordon Gekko's line: “If you need a friend, get a dog.”
He has held positions at numerous corporations including: RJR Nabisco, Texaco, Phillips Petroleum, Western Union, Gulf & Western, Viacom, American Can, USX, Marvel, BEA Systems and Time Warner.
Funds Foundation for a Greater Opportunity, which developed the Icahn charter schools in New York City.
Icahn Stadium on Randall's Island in New York is named after him.
1961 – He joins Dreyfus & Co. as a broker.
1963 – He joins Tessel, Patrick & Co. as an options manager.
1964-1968 – He heads the options department at Gruntal & Co.
1968 – With the help of his uncle, he founded Icahn & Co., serving as chairman and president.
1978 – As the largest shareholder in Tappan stock, Icahn precipitates a proxy fight. Tappan is subsequently sold to Electrolux and share prices double.
1979 – Becomes president of Bayswater Realty & Capital Corporation.
1985 – He tries unsuccessfully to buy Phillips Petroleum for $8 billion. Icahn makes about $50 million by selling his shares to Phillips.
1985 – Purchase Trans World Airlines (TWA).
1988 – Icahn, Texaco Inc.'s largest shareholder, is threatening a proxy fight to fill five seats on the company's board of directors. He loses, but continues to buy more shares of the company.
1988 – Icahn privatizes TWA and controls 90% of the shares. He earns $469 million from the deal. The airline still has a debt of $540 million.
January 1989 – After negotiations with Texaco, Icahn signs a seven-year agreement not to purchase any more shares or make a takeover bid. His stake in his stock is worth $2.2 billion.
1991 – In a deal with American Airlines, Icahn sells half of TWA's valuable routes to London for $445 million.
1992 – TWA files for bankruptcy.
1993 – TWA emerges from bankruptcy. Creditors, including Icahn, own 55% of TWA. He resigns as president of TWA, and the airline owes him $190 million.
nineteen ninety five – TWA and Icahn reach an agreement on the Karabu notes, which states that for eight years, Icahn can purchase any note through St. Louis for $0.55 per dollar and resell it at a discount.
2000 – Makes multiple bids for Nabisco Group. Philip Morris Co., the parent company of Kraft Foods, wins, but Icahn still takes $600 million for himself and his investors.
2004 – Icahn begins raising $3 billion to start the Icahn Partners hedge fund.
September 17, 2004 – Icahn reveals that he owns an 8.9% stake in Mylan Laboratories, a pharmaceutical company that is in talks to buy rival King Pharmaceuticals.
October 14, 2004 – Icahn files a proxy statement with the SEC, alleging that Mylan's acquisition of King would be too costly.
October 28, 2004 – King Pharmaceuticals announces that it may have to rethink its finances.
November 11 to 26, 2004 – After Blockbuster, Movie Gallery and a buyout firm make unsolicited offers to buy Hollywood Entertainment Corp., Icahn spends two weeks buying an 8.4% stake in Hollywood Entertainment.
November 19, 2004 – Icahn makes a tender offer for full ownership of Mylan Laboratories for $4.9 billion (for a total of $5.4 billion), to keep it separate from King Pharmaceuticals.
December 2004 – Icahn says he supports a merger between Blockbuster and rival Hollywood Entertainment.
February 27, 2005 – The deal between Mylan and King is officially off.
2005 – He buys 10 million Blockbuster shares, becomes the largest shareholder with a 9.7% stake, and launches a proxy fight.
July 2005 – Icahn abandons his offer to buy Mylan Laboratories and is expected to sell back 94% of his shares, making approximately a 14% profit.
October 2005 – Icahn sends a letter to Time Warner shareholders, pushing for new directors and emphasizing that the stock is undervalued.
February 7, 2006 – Icahn announces his desired plan for Time Warner: split into four different companies and a $20 billion share buyback.
February 17, 2006 – After a six-month proxy fight, Time Warner and Icahn reach an agreement. Time Warner increases the amount of its share buyback to $20 billion, agrees to appoint two independent directors to the board, and the company remains intact.
March 2010 – Icahn sells most of his Blockbuster shares at a loss of $180 million.
March 2011 – He announces that he will return money from his hedge funds to outside investors.
October 2012 – Icahn's funds have acquired about 10% of Netflix.
August 13, 2013 – Icahn announces that he has a “large” stake in Apple and that the company is “extremely undervalued.”
October 2013 – Icahn sells more than half of his stake in Netflix, earning more than $800 million and maintaining a 4.5% stake.
October 23, 2013 – Icahn sends a letter to Apple CEO Tim Cook, proposing that Apple conduct a $150 billion stock buyback.
February 10, 2014 – In an open letter to Apple shareholders, Icahn abandons his campaign to push the company toward a larger buyback plan.
October 9, 2014 – Icahn, in an open letter to Tim Cook, claims that Apple shares are undervalued and is once again pressuring the CEO to increase his share buybacks. Icahn owns about 53 million shares.
May 18, 2015 – Although Apple has already announced plans to increase its share buyback plan from $90 billion to $140 billion, Icahn publishes an open letter to Tim Cook, calling for a much larger buyback.
December 21, 2016 – President-elect Donald Trump's transition office announces that Icahn has agreed to serve as special advisor on regulatory reform.
February 7, 2017 – He says he will not invest the $100 million to $200 million needed to reopen the closed Taj Mahal Casino, but will instead sell it. Icahn closed the casino in 2016 after failing to reach a labor agreement with his union employees.
August 18, 2017 – Announces that he has resigned as special advisor to President Trump.
November 3, 2017 – In a company filing, Icahn Enterprises says it is cooperating with a request from the U.S. Attorney's office for the Southern District of New York, which seeks information related to Icahn's role as an adviser to President Trump.
May 26, 2020 – Icahn sells his 39% stake in Hertz at a $2 billion loss after the car rental company files for bankruptcy.
January 3, 2021 – Herbalife Nutrition announces it is buying back approximately $600 million in Icahn stock. Icahn will also resign from five positions on his company's board of directors.
February 15, 2022 – “Icahn: The Restless Billionaire,” a documentary exploring Icahn's life, debuts on HBO.
October 17, 2023 – Icahn sues the board of directors of Illumina, Inc., a biotechnology company, for breach of fiduciary duties.
