Icahn Enterprises
Icahn Enterprises is a publicly traded American master limited partnership and diversified holding company controlled by investor Carl Icahn.
Last updated October 30, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Icahn Enterprises L.P. is an American publicly traded master limited partnership that functions as the principal public investment vehicle associated with Carl Icahn. Rather than operating as a single consumer-facing brand, it owns, controls, or invests in businesses across several industries, including energy, automotive services and parts, metals, food and meat packaging, real estate, pharmaceuticals, and home furnishings. The company is headquartered at Milton Tower in Sunny Isles Beach, Florida, and trades under the ticker IEP. The enterprise was incorporated in 1987 and developed through a combination of direct acquisitions, investments, restructurings, and dispositions. Its historical portfolio has included casino and resort properties, automotive aftermarket businesses, scrap-metal processing, petroleum refining, nitrogen fertilizer, mining, pharmaceutical assets, real-estate development, and household textile products. This breadth reflects Carl Icahn's investment-oriented approach: the company has often acted as a holding platform through which assets could be acquired, reorganized, operated, or sold rather than as a unified operating group with one standardized product range. Important portfolio transactions shaped the company's identity. Icahn Enterprises sold the Sands Atlantic City hotel and adjoining land in 2006 and divested American Casino & Entertainment Properties in 2007. In 2007, American Real Estate Partners, another entity controlled by Icahn, merged with the company and the combined organization adopted the Icahn Enterprises name. The company acquired PSC Metals in 2008, adding a substantial metals and recycling business. It later expanded in automotive services through the acquisitions of Pep Boys, Federal-Mogul, Precision Auto Care, and American Driveline Systems. It also bought Trump Entertainment Resorts in 2016 and subsequently sold the associated Atlantic City casino property to Hard Rock-related owners in 2017. As of the portfolio information cited in the reference material, the enterprise's investments included CVR Energy, American Railcar Industries, Ferrous Resources, Viskase, Bayswater Development, WestPoint Home, and Vivus. These holdings illustrate the range of the group: refining and fertilizer production, railcars, Brazilian iron-ore interests, food-packaging casings, real-estate development, bed-and-bath products, and pharmaceuticals. Portfolio composition can change through sales, spin-offs, bankruptcies, and other corporate actions, so individual holdings should be treated as time-specific rather than permanent components of the brand. Carl Icahn has remained the controlling figure. The reference material states that he owns approximately 86 percent of the partnership. In 2020, he announced that his son Brett Icahn would succeed him as chairman of Icahn Enterprises and chief executive of the investment subsidiary Icahn Capital LP. The company has therefore combined a public-market structure with concentrated control and a close relationship to the Icahn family's investment activities. Icahn Enterprises became the subject of intense market and regulatory scrutiny in 2023 and 2024. Hindenburg Research published a critical short report in May 2023 alleging that the enterprise was overvalued and that its dividend and financing structure created significant risks. The report was followed by a sharp fall in the partnership's share price. Icahn Enterprises later announced a reduction in its dividend. In August 2024, the company and Carl Icahn settled Securities and Exchange Commission charges concerning disclosure failures without admitting or denying wrongdoing, paying penalties reported in the reference material as $1.5 million for the company and $500,000 for Icahn. A related Florida class-action lawsuit was later dismissed. These events added governance, leverage, disclosure, and distribution policy to the issues associated with the enterprise's public profile.
History
Icahn Enterprises was incorporated on February 17, 1987. It developed as a public investment and holding platform associated with Carl Icahn, combining ownership interests in operating companies with investments subject to acquisition, restructuring, and disposal. Its business model has never been limited to one industry; instead, the portfolio has moved among industrial, consumer, energy, automotive, real-estate, and financial investments. The company was active in Atlantic City during the 2000s. In 2006, it sold the Sands Atlantic City hotel and several nearby lots to Pinnacle Entertainment. In April 2007, American Casino & Entertainment Properties was sold to an affiliate of Goldman Sachs. Later that year, American Real Estate Partners, another entity controlled by Carl Icahn, merged with the firm. The combined organization changed its name to Icahn Enterprises L.P., establishing the structure and identity associated with the present enterprise. In 2008, Icahn Enterprises acquired PSC Metals for $335 million, strengthening its exposure to scrap processing and metals. Real-estate and resort assets continued to form part of the portfolio. The company acquired the Fontainebleau Resort Las Vegas property in 2010 for $148 million and sold it in 2017 for $600 million, according to the cited reference material. The group returned to the casino sector in February 2016 through the purchase of Trump Entertainment Resorts, which owned the Hard Rock Hotel & Casino Atlantic City at that time. The property was sold in May 2017 to owners associated with Hard Rock Cafe for $50 million. The same period saw a major expansion in automotive aftermarket operations. Icahn Enterprises acquired Pep Boys in February 2016, Federal-Mogul in January 2017, Precision Auto Care in June 2017, and American Driveline Systems in October 2017. The reference material reported 89,034 employees in 2017, although workforce figures are time-specific. The enterprise's portfolio also included CVR Energy, a petroleum-refining and nitrogen-fertilizer business; American Railcar Industries; Ferrous Resources, which held Brazilian mining rights; Viskase, a producer of cellulosic, fibrous, and plastic casings for processed meat and poultry; Bayswater Development; WestPoint Home; and Vivus. These investments show how the organization combines controlling stakes in operating companies with a broader investment strategy. Holdings may subsequently be spun off, sold, reorganized, or placed into bankruptcy. In October 2020, Carl Icahn announced a succession plan under which his son Brett Icahn would become chairman of Icahn Enterprises and chief executive of the investment subsidiary Icahn Capital LP. The announcement emphasized the continuing family connection between the public partnership and the Icahn investment organization. Icahn Enterprises faced financial and governance scrutiny in the early 2020s. In November 2020, it reported a third-quarter loss of $714 million, compared with a $49 million loss in the corresponding period a year earlier. On January 31, 2023, subsidiary Auto Plus filed for Chapter 11 bankruptcy protection, while Pep Boys was spun off into a separate company. In May 2023, Hindenburg Research released a short-seller report alleging that Icahn Enterprises was overvalued and that its large distributions were supported by a structure dependent on new investment capital. The report also criticized borrowing secured against Carl Icahn's holdings and described the arrangement in strongly negative terms. The partnership's share price fell by approximately 20 percent on the day of publication, according to the reference material. In August 2023, the company announced that it would cut its dividend in half. The controversy continued through regulatory and legal proceedings. In August 2024, the Securities and Exchange Commission announced settlements with Icahn Enterprises and Carl Icahn concerning disclosure failures identified in the investigation. The cited penalties were $1.5 million for the company and $500,000 for Icahn; neither admitted nor denied wrongdoing. A Florida class-action lawsuit filed in September 2024 was later dismissed. The court's reasoning included the view that the company's disclosures warned that distributions could be reduced and that Carl Icahn's personal borrowing activities had been adequately disclosed. Icahn Enterprises consequently remains a publicly traded, actively managed, and highly concentrated holding partnership whose portfolio and public profile are closely tied to the Icahn family's investment decisions.
- 2024
SEC settlements
[1]The company and Carl Icahn settled SEC disclosure-related charges without admitting or denying wrongdoing.
- 2023
Auto Plus enters Chapter 11
[1]Auto Plus filed for bankruptcy protection and Pep Boys was spun off.
- 2023
Dividend reduced
[1]Icahn Enterprises announced a 50 percent dividend reduction after market scrutiny.
- 2020
Succession plan announced
[1]Carl Icahn announced Brett Icahn's planned succession in key investment leadership roles.
- 2017
Automotive expansion and Las Vegas property sale
[1]Federal-Mogul, Precision Auto Care, and American Driveline Systems were acquired, while the former Fontainebleau Las Vegas property was sold.
- 2016
Pep Boys and Trump Entertainment Resorts acquired
[1]The company added major automotive aftermarket and casino assets.
- 2008
PSC Metals acquired
[1]Icahn Enterprises acquired PSC Metals, expanding its metals interests.
- 2007
Corporate merger and renaming
[1]American Real Estate Partners merged with the firm, which adopted the Icahn Enterprises name.
- 2006
Sands Atlantic City assets sold
[1]The Sands Atlantic City hotel and adjoining lots were sold to Pinnacle Entertainment.
- 1987
Company incorporated
[1]Icahn Enterprises was incorporated on February 17, 1987.
Products and positioning
An activist-investor-controlled diversified holding partnership whose identity is defined by concentrated ownership, acquisition and restructuring activity, and a changing portfolio of industrial and operating businesses rather than by a single consumer product.
Energy and fertilizer
CVR Energy
CVR Energy represents Icahn Enterprises' exposure to petroleum refining and nitrogen fertilizer manufacturing. It is an operating industrial investment rather than a consumer brand sold under the Icahn Enterprises name.
Metals · 2008
PSC Metals
PSC Metals was acquired in 2008 and expanded the enterprise's presence in metals and scrap processing. Its inclusion reflects the group's strategy of holding industrial businesses with asset-based operations.
Food packaging
Viskase
Viskase produces cellulosic, fibrous, and plastic casings used in processed meat and poultry products. The business gives the portfolio a specialized food-packaging component.
Home textiles
WestPoint Home
WestPoint Home is associated with bed and bath home-fashion products. It represents Icahn Enterprises' exposure to household textiles and branded or private-label home furnishings.
Automotive services and parts · 2016
Automotive aftermarket businesses
Through acquisitions including Pep Boys, Federal-Mogul, Precision Auto Care, and American Driveline Systems, Icahn Enterprises built a broad automotive aftermarket presence spanning replacement parts, repair services, and vehicle-service locations. The composition changed after Auto Plus entered bankruptcy proceedings and Pep Boys was spun off.
Pharmaceuticals
Vivus
Vivus is a pharmaceutical company included among the enterprise's cited investments. Its presence demonstrates the portfolio's reach beyond industrial and consumer operating businesses.
Controversies
2026
Endeavor seeks disgorgement of investors’ profits from buyout-related trades
Endeavor Group Holdings asked a federal court in New York to order Icahn Enterprises and Troluce Capital Advisors to give up profits from arbitrage positions they built to challenge Endeavor’s buyout by Silver Lake. Endeavor alleges the investors coordinated their trading and violated federal securities rules. The allegations are not presented as adjudicated findings.
2024
SEC disclosure settlements
Icahn Enterprises and Carl Icahn settled SEC charges related to disclosure failures. The reported penalties were $1.5 million for the company and $500,000 for Icahn, with no admission or denial of wrongdoing.
2024
Florida class-action lawsuit
A class-action lawsuit concerning disclosures and dividend-related issues was dismissed. The court concluded that the relevant risks, including the possibility of reduced distributions and Carl Icahn's borrowing, had been adequately disclosed.
2023
Hindenburg Research short report
Hindenburg Research alleged that Icahn Enterprises was overvalued, questioned the sustainability and structure of its distributions, and criticized borrowing secured against Carl Icahn's holdings. The report caused a sharp decline in the partnership's market price.
Brand decisions
2023
Reduce the partnership dividendPrice changeBackground
The decision followed market pressure and criticism of the partnership's distribution and financing structure.
Action taken
Icahn Enterprises announced that it would cut its dividend in half.
Aftermath
The reduction became a central part of the company's response to the 2023 short-seller controversy.
Dividend. 100% of the prior distribution level → 50% of the prior distribution level (2023)
2023
Separate Pep Boys and address Auto Plus bankruptcyStrategyBackground
The automotive portfolio faced restructuring pressure, including a Chapter 11 filing by Auto Plus.
Action taken
Auto Plus filed for Chapter 11 protection, while Pep Boys was spun off into a separate company.
Aftermath
The changes reduced and reorganized the enterprise's direct automotive aftermarket exposure.
2016
Acquire Pep BoysM&ABackground
The company sought to expand its exposure to automotive parts and vehicle-service operations.
Action taken
Icahn Enterprises acquired Pep Boys.
Aftermath
The acquisition became part of a wider automotive aftermarket expansion that also included Federal-Mogul, Precision Auto Care, and American Driveline Systems.
2007
Merge American Real Estate Partners into the enterpriseM&ABackground
American Real Estate Partners was another entity controlled by Carl Icahn and held overlapping investment interests.
Action taken
The entity merged with the firm, and the combined company changed its name to Icahn Enterprises L.P.
Aftermath
The merger established the corporate identity used by the publicly traded partnership.
Recent events
- 2023
Auto Plus files for Chapter 11[1]
Bankruptcy
Auto Plus, a subsidiary, filed for Chapter 11 bankruptcy protection; Pep Boys was spun off into a separate company.
- 2023
Icahn Enterprises cuts its dividend[1]
Pricing · Other
The company announced that it would reduce its dividend by half after the market controversy surrounding the Hindenburg report.
- 2020
Brett Icahn named as successor in investment leadership plan[1]
Leadership change
Carl Icahn announced that his son Brett would succeed him as chairman of Icahn Enterprises and lead Icahn Capital LP.
- 2020
Icahn Enterprises reports wider quarterly loss[1]
Other
The company reported a third-quarter loss of $714 million, compared with a $49 million loss in the comparable quarter of the prior year.
- 2017
Federal-Mogul acquisition expands automotive operations[1]
M&A
The company acquired Federal-Mogul, adding automotive components and aftermarket activities.
- 2017
Precision Auto Care acquisition[1]
M&A
Icahn Enterprises acquired Precision Auto Care, a vehicle-repair chain with more than 250 locations according to the reference material.
- 2017
Fontainebleau Las Vegas property is sold[1]
M&A
The company sold the Las Vegas property formerly known as the Fontainebleau Resort.
- 2017
American Driveline Systems joins the automotive portfolio[1]
M&A
Icahn Enterprises acquired American Driveline Systems as part of its expansion in automotive service businesses.
- 2016
Icahn Enterprises acquires Trump Entertainment Resorts[1]
M&A
The company acquired Trump Entertainment Resorts, owner of the Hard Rock Hotel & Casino Atlantic City at the time.
- 2016
Pep Boys joins the Icahn Enterprises portfolio[1]
M&A
Icahn Enterprises acquired automotive aftermarket retailer and service business Pep Boys.
Showing the 10 most recent.
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/icahn-enterprises · Editorial policy · How profiles are compiled