Icahn't Get Rid of Yahoo Stock Fast Enough: Billionaire Investor Pares Down
Carl Icahn took another big step into Internet investing oblivion yesterday by dumping even more of his once-massive Yahoo stock stake.
According to regulatory filings, the activist investor–who once stalked Yahoo like Captain Ahab (and just as wackily)–dumped eight million shares in the past three months, going from 12 million to four million.
This has pretty much been Icahn’s selling pattern for the last year.
At the height of his pursuit of Yahoo (YHOO) and fruitless efforts to sell it to Microsoft (MSFT), which resulted in his appointment to the board of the Internet giant and little else, he owned 75 million shares.
Icahn is no longer a Yahoo director–he stepped down last fall–and his shares were all bought at a significantly higher price, so he is likely taking a bath by owning Yahoo stock.
Icahn’s latest prey is Lions Gate Entertainment (LGF), which he is trying to take over. Good luck with the big-game hunting, Carl!