Carl Icahn

Categories: Executives | Business & Finance | News
    • Born: February 16, 1936
    • Graduated from Princeton University with a A.B. in Philosophy
    • Net worth (2008): $14 Billion
    • In 2007, purchased a 9.2% stake in Telik, Inc.
    • Took over Lear Corporation for $2.3 billion dollars
    • Appeared on 60 Minutes on March 9, 2008

  • Carl Icahn is a financier and investor with an estimated worth of about $14 billion. Icahn was responsible for the hostile takeover of TWA in 1985 and was involved with Michael Milken's junk bond dealings during the 1980s. In 2007, Icahn was ranked by Forbes as the 18th richest man in America.

    According to reports on May 29, 2009, Icahn and a group of other investors appeared have submitted a winning $200 million bid for the Atlantic City Tropicana. The resort and casino had been worth an estimated $1 billion prior to the onset of the economic recession in 2008.Salon.com: Icahn group appears to be winner of NJ Tropicana (May 29, 2009)

  • Early Life

    Carl Icahn was born and raised in Queens, New York City. He graduated from Princeton University and went on to attend medical school but dropped out before graduation.

  • Career

    He started his career in finance on Wall Street and from there gained a name as a corporate raider. In 1985 he engaged in a hostile takeover of TWA and subsequently began to sell off the company. Recently he announced his dislike of Yahoo's rejection of Microsoft's takeover bid and said that he will move to oust Yahoo's Board of Directors.

  • Icahn and the Limited Agreement

    On May 18, 2008, it was announced that [[Yahoo!]] and Microsoft were considering a new, more limited, cooperative deal to expand Internet advertising programs in an effort to compete with Google.

    Although Yahoo! had been in talks with AOL, Microsoft announced in July of 2008 that they are still interested in Yahoo!, if shareholders vote to appoint a new board of directors. Yahoo! investor Carl Icahn has been reportedly working with Microsoft in an attempt to convince shareholders to replace the current Yahoo! board. Yahoo!'s board meets on August 1, 2008.San Francisco Chronicle: Microsoft open to new Yahoo deal - with a new board (July 7, 2008)

    In an effort to avoid a struggle for control of the company during the August 1, 2008, shareholder's meeting, Yahoo! reached a settlement with Icahn, which it announced on July 21, 2008. The settlement gives Icahn a seat on the board of directors and the opportunity to appoint two additional members.The Associated Press: Yahoo settles with Icahn to avert control battle (July 21, 2008)

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