Carl Icahn became known primarily for his skills and expertise in handling financial transactions. He was a corporate raider during the 1980s and sold overvalued Internet companies in the 1990s.
He is one of the top-50 richest people in the world according to Forbes Magazine.
Carl Icahn … from One Takeover to the Next
Icahn went to Princeton University and then to the New York University School of Medicine, but he eventually dropped out. His career in finance, however, began with the hostile takeover of TWA in the 1980s.
By buying large stakes in companies, such as United States Steel Corporation and Texaco Oil, he initiates change within the management. And then he sells the company at a profit. It was through the junk bonds of Michael Milken that this business leader earned his billions.
Icahn also has large interests in Time Warner. Although he wants Time Warner to be broken up into four divisions to increase shareholder interest, there has been opposition from the rest of the management. Although there has been some criticism of Icahn and Company, because it appears to many that they are only out to make a quick profit, Icahn has defended himself by explaining that he is only trying to make an asset more productive than it already is.
But Icahn’s massive fortune was not built on savvy maneuvering alone. He also has casino interests in Las Vegas, as well as being the beneficent owner of several other companies.
Although Icahn has retreated from the public eye in recent years, he was more recently involved in a proxy fight with Mylan Laboratories. Both Icahn and Company and Mylan Laboratories had wanted to acquire King Pharmaceuticals.
A year after the tussle, Mylan gave up on the fight; but both parties deny that it had anything to do with Icahn . Aside from his business acquisitions, Icahn is also involved in a scholarship program at a New England prep school, has a stadium named after him in New York City, and continues to make donations to his school, Princeton University.
The Carl Icahn Quick Bio
Full Name: Carl Celian Icahn
Birthdate: February 16, 1936
Birthplace: Queens, New York
Company: Icahn and Company
Key Success Traits: bold, decisive
Although it is now hard to believe, Icahn was once so poor that he had to sell his car to get money for food. Before college, Icahn originally wanted to become an opera singer.