Last year, while the U.S. stock market returned 18% during a volatile pandemic bull market, Icahn’s hedge fund plunged by 14%. The underlying assets, as measured by net asset value, are worth only $14.70 a share. Icahn Enterprises’ net asset value has tumbled from $9.1 billion at the end of 2013 to $3.5 billion. Icahn also insists the net asset value of Icahn Enterprises understates the intrinsic value of his company’s assets. Mavis is being priced at $6 billion, nearly four times the value Icahn Automotive is listed for on Icahn Enterprises’ balance sheet.

Source: Forbes March 31, 2021 10:30 UTC