- Billionaire activist investor Carl Icahn sold his remaining stake in Herbalife, SEC filings show.
- The nutritional shake company is at the center of his years-long feud with fellow billionaire Bill Ackman.
- Icahn was an activist investor in the company but said the company no longer needs him.
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Billionaire investor Carl Icahn sold his final remaining stake in Herbalife, putting a close to the saga that fueled his long-standing feud with Bill Ackman.
SEC filings from Thursday show that Icahn now holds 0% of the multi-level-marketing nutritional shake seller. In January, the activist investor reduced his share of the company to about 6% from 16% and sold $600 million of stock, saying that the company no longer needed his activism.
Icahn told CNBC’s Scott Wapner on Thursday: “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. But all’s well that ends well and we wish the company the best of luck in the future.”
The nutritional supplement company is at the center of Icahn’s years-long feud with fellow billionaire investor Bill Ackman. Ackman had a $1 billion short position in Herbalife, and publicly disclosed that he believed the company was a pyramid scheme. Icahn became an activist investor in the company, and their arguments over Herbalife came to a head on live television.
In a CNBC interview in 2013, Icahn called Ackman a “liar,” and said to the investor: “I wouldn’t invest with you if you were the last man on Earth.” Ackman slammed back, saying “This is not a guy who keeps his word. This is a guy who takes advantage of little people.”
Ackman eventually exited his short position in Herbalife, and the Wall Street Journal estimates he likely lost hundreds of millions of dollars. Meanwhile, Reuters reported that Icahn started purchasing Herbalife in 2013 at an average of $21.03.
Shares of Herbalife jumped as much as 4.8% to $49.76 a share on Thursday.