Bill Ackman Says Icahn ‘Somewhat’ Like Archegos as Stock Plunges Anew

(Bloomberg) — Bill Ackman said Hindenburg Research has “outed” the way billionaire Carl Icahn runs his publicly traded company and suggested shares have room to fall after tumbling to the lowest levels since 2009.

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In a lengthy Twitter post Wednesday, Ackman, 57, also called out 87-year-old Icahn’s use of margin loans against his shares in Icahn Enterprises LP.

“$IEP reminds me somewhat of Archegos where the swap counterparties were comforted by each having relatively smaller exposures to the situation,” Ackman said, referring to Bill Hwang’s family office that spectacularly blew up in 2021.

“All it takes is for one lender to break ranks and liquidate shares or attempt to hedge, before the house comes falling down,” Ackman said. “Here, the patsy is the last lender to liquidate.”

Neither Icahn nor Ackman immediately responded to a request for comment.

Icahn Enterprises shares plunged more than 13% on Wednesday, with the price reaching the lowest level in more than 14 years. Ackman said his firm was neither long nor short — “just watching from a distance.”

Ackman famously jousted with Icahn a decade ago over Herbalife Ltd. and ended up losing a fortune.

“Over his storied career, Icahn has made many enemies. I don’t know that he has any real friends,” Ackman said in his tweet. “He could use one here.”

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