Carl Icahn has sold the last of his Herbalife stake, sources familiar with the matter told CNBC’s Scott Wapner, closing a position that caused a memorable disagreement on Wall Street.
On the other side of Icahn’s long bet was Pershing Square’s Bill Ackman, who was short the stock.
The trade was handled by Jefferies, with around 5 million shares sold at market, according to sources.
“I think this is an example of activism working very well. It was certainly an interesting ride fighting off bear raids as well as aiding the company in their numerous negotiations with the government,” Icahn told CNBC.
“But all’s well that ends well, and we wish the company the best of luck in the future,” he said.
All told, Icahn made about $1.3 billion on his Herbalife bet, according to Wapner’s calculations
In January, Icahn sold $600 million worth of Herbalife’s stock back to the company at a price of $48.05, while also relinquishing the five board seats held by Icahn Enterprises, according to a statement from Herbalife.
Icahn had owned Herbalife since at least 2013. Ackman closed his short position in 2018.
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Source: Finance - cnbc.com
