Carl Icahn's top 5 greatest investments of all time

1. Icahn Enterprises LP (IEP)

Icahn's own holding firm, which includes holdings in a number of industries such as
investment, energy, automotive, real estate, food packaging, home fashion, and
pharmaceuticals. Carl Icahn owns and controls the majority of IEP, and he has
historically contributed to and executed transactions mostly through IEP. As of December
31, 2022, Carl Icahn and his allies controlled over 85% of IEP's outstanding depository
units. Icahn Capital LP is one such entity, with about $4.2 billion in Investment Fund
investments. Carl Ichan also controls a number of real estate holding companies
interested in commercial real estate, property development, and resort operations.
WestPoint Home LLC, another firm he owns, focuses on home textile items. Viskase
Companies, Inc. is a leader in casings for the processed meat industry, whereas Vivus
LLC is a specialty pharmaceutical firm. The Icahn Automotive Group LLC sells and
services car components, while CVR Energy, Inc. and CVR Partners, LP are independent
refiners and distributors of transportation fuels and nitrogen fertilizer products,
respectively, with Carl Ichan holding a large stake.
Icahn, as the company's founder and chairman, undoubtedly saw value in its assets and
activities. Additionally, IEP had a track record of producing substantial returns to
investors, and Icahn may have concluded that the company had further growth and
profitability potential. Icahn may also be able to influence the company's strategy and
operations by investing in IEP in order to maximize shareholder value.
Ichan is the company's founder and current chairman.
IEP is a publicly listed business in which Icahn has gradually increased his ownership
share through investments over time. Icahn controls nearly 90% of IEP's outstanding
shares as of 2021. As a result, Icahn "earned" ownership of IEP through his investments
in the firm and his continuous leadership and engagement as the company's founder and
chairman. Carl Ichan has spent several years working on and completing transactions
with IEP. IEP began in 1987 as American Real Estate Partners and has since expanded to
seven business regions and about $28 billion in assets as of December 31, 2022. IEP has a
track record of effectively purchasing undervalued assets and upgrading and boosting
their operations and financial outcomes. IEP's track record is built on a long-term
perspective, which can increase corporate value for ongoing operations and/or support a
viable exit plan.

1
IEP and several of Mr. Icahn's completely owned affiliates own the Investment Funds
entirely. IEP has also grown its business through organic growth and a number of bolt-on
acquisitions. Mr. Icahn and Icahn Capital have a long and successful track record of
profiting from the activist strategy. IEP's subsidiaries originated as direct debt or equity
investment positions held by Icahn Capital or Mr. Icahn. The fair value of IEP's
investment in the Funds as of December 31, 2022 was about $4.2 billion. The Investment
Funds' low performance for the fiscal year ending December 31, 2022 was caused by net
losses in long and short positions. The negative performance of long positions was
primarily driven by a $1.3 billion healthcare investment and the aggregate performance of
investments with net losses across various sectors reaching $1.0 billion, offset in part by
gains from two energy sector investments totaling $2.0 billion. The negative performance
of the Investment segment's short positions was driven by a $742 million loss on
particular credit default swap contracts and a $420 million loss on an energy sector hedge,
which were somewhat offset by gains on a $1.0 billion broad market hedge.
2. Occidental Petroleum Corp. (OXY)
Occidental Petroleum Corp. is an international exploration and production firm for oil and
gas. Occidental's core businesses are split into three reporting segments: oil and gas,
chemical and midstream, and marketing. The oil and gas department discovers, develops,
and manufactures oil (including condensate), natural gas, and natural gas liquids. The
chemical industry is primarily responsible for the production and sale of basic chemicals
and vinyls. The midstream and marketing division purchases, sells, gathers, processes,
transports, and stores petroleum, natural gas, CO2, and electricity. It also expands its
transportation and storage capacity and invests in related firms, such as WES. The
midstream and marketing sections also incorporate OLCV. OLCV seeks to leverage
Occidental's carbon management expertise to advance CCUS activities, including the
commercialization of DAC technology, and to invest in additional low-carbon
technologies to minimize GHG emissions from its operations and strategically partner
with other industries to help reduce their emissions.
Carl Icahn bought Occidental Petroleum Corporation in 2019 because of its low value as
a result of low oil prices and the company's pricey acquisition of Anadarko Petroleum.
Icahn expected the stock price to rise when oil prices rebounded. He also chastised the
management team and demanded reforms, including the ouster of CEO Vicki Hollub.
OXY's high dividend yield and varied portfolio of oil and gas assets, which included

2
reserves in the Permian Basin, the Middle East, and South America, made it an appealing
option for income-seeking investors looking for long-term growth.
Occidental Petroleum Company (OXY) has been a mixed bag for Icahn. While he was
successful in influencing changes in the company's management and board of directors,
his investment did not provide big profits owing to circumstances such as the COVID-19
epidemic and low oil prices.
Carl Icahn's actions at Occidental Petroleum Corp (OXY) spanned many months, from
revealing his investment in the firm in Q2 2019 to winning changes in management and
the board of directors in November of same year. In August 2019, Icahn recommended a
slate of directors to OXY's board and removed CEO Vicki Hollub from the board. Icahn's
efforts, however, did not produce large profits, and he sold his entire interest in OXY in
August 2021 after holding the position for approximately two years.
Carl Icahn acquired a $1.6 billion holding in Occidental Petroleum Corp (OXY) in 2019.
Icahn sold his entire stock in OXY in August 2021, and it is unknown how much he
profited or the precise percentage gain.
3. CVR Energy Inc. (CVI)
CVR Energy Inc. is an independent petroleum refiner and transportation fuel marketer.
CVR Energy, Inc. is a diversified holding company with an interest in CVR Partners, LP
that is active in the petroleum refining and marketing business as well as the nitrogen
fertilizer production industry. In addition, the firm manufactures and sells renewable fuel.
CVR Energy's Petroleum Segment is responsible for refining and selling high-value
transportation fuels, whilst CVR Partners is responsible for producing and marketing
nitrogen fertilizers such as UAN and ammonia.
Carl Icahn saw value in investing in CVR Energy, Inc. because he felt it was undervalued
and had growth potential. He saw an opportunity to improve the company's operations
and financial performance by implementing cost-cutting measures and strategic changes.
Furthermore, Icahn considered CVR Energy as having the ability to gain from the rise in
the renewable energy industry, notably in the manufacture of renewable diesel, which the
firm also produces and markets.
Icahn launched a hostile takeover proposal for CVR Energy in 2012, intending to buy the
company's outstanding shares for $30 per share. Icahn's bid was successful, and he now
owns a majority share in the corporation. After that, he made substantial changes to the
company's management team and board of directors, selling some of the company's assets

3
and focusing on the core refining operation. Icahn's investment in CVR Energy was
ultimately successful, yielding him substantial returns.
Carl Icahn's investment in CVR Energy took around six years to succeed. He began
acquiring a stake in the firm in 2012 and finally gained control. CVR Energy was sold for
$1.7 billion to billionaire investor Jack B. Moore in 2018, and Icahn allegedly earned $1.4
billion for his investment in the firm.
Carl Icahn made a $2 billion investment in CVR Energy in 2012, eventually gaining a
controlling stake in the firm. The firm was sold for $1.7 billion in 2018, and Icahn
allegedly earned $1.4 billion for his investment. The actual percentage increase to his
investment is difficult to establish, but using the $2 billion number as a reasonable
approximation, Icahn made a gain of around $400 million, or a 20% return on his initial
investment.
4. Cheniere Energy Inc. (LNG)
Cheniere Energy Inc. is an American energy corporation that specializes in LNG and
natural gas-related enterprises. The firm was created in 1983 and is headquartered in
Houston, Texas. Cheniere Energy's primary activities include the development, building,
and operation of LNG facilities, as well as the marketing and sale of LNG globally. The
corporation owns and runs the Sabine Pass LNG terminal in Louisiana, which is one of
the country's major LNG export terminals.
Carl Icahn made an investment in Cheniere Energy in 2015, seeing potential in the
company's position as a top exporter of liquefied natural gas. Icahn anticipated further
growth in LNG demand and saw chances for the firm to enhance its financial
performance through cost reduction, operational efficiency, and expansion into new
markets.
Icahn's investment in Cheniere Energy was successful due to a number of variables,
including rising LNG demand, which increased the company's income. Cheniere Energy
also finished building its Sabine Pass LNG plant, which raised income and profitability.
Long-term contracts with clients in several locations offered a consistent income stream,
while management took cost-cutting measures and enhanced operational efficiency to
boost profitability.
Carl Icahn's investment in Cheniere Energy took several years to bear fruit. Icahn made
his initial investment in the firm in August 2015 and subsequently raised his interest
throughout the course of the year. Icahn's interest in Cheniere Energy has increased over
50% since he first revealed it in October 2017.

4
According to Wall Street's October 2017 article "Icahn's Cheniere Move Pays Out
Handsomely," Carl Icahn's investment in Cheniere Energy has increased by over 50%
since he initially declared his ownership in August 2015. This indicates that in just over
two years, Icahn's investment has grown significantly in value. Another source, Forbes'
November 2017 article "Carl Icahn's Epic Move on Cheniere Energy," says that Icahn's
interest in Cheniere Energy has climbed by roughly 50% since he initially announced his
ownership in the firm in August 2015.
5. Herbalife Nutrition Ltd. (HLF)
Herbalife Nutrition is a worldwide nutrition firm that sells health and wellness products to
clients in 95 countries and territories using a direct-selling business model. The majority
of the company's products are in the weight control, sports nutrition, and targeted
nutrition areas.
Carl Icahn first invested in Herbalife Nutrition Ltd in 2013, believing that the firm was
undervalued and that its shares will eventually grow in value. Icahn recognized potential
in Herbalife's direct selling business strategy and felt the company had a devoted client
base which would create money in the future. Despite a high-profile struggle with other
investors, Icahn continued to raise his share in Herbalife, and his investment has reaped
significant rewards.
Carl Icahn's investment in Herbalife Nutrition Ltd. was successful for a variety of
reasons, including his conviction in the company's direct selling business strategy and
capacity to create sustainable income. Icahn's high-profile struggle with other investors,
including Bill Ackman, who had taken a short position in the company and believed
Herbalife was a pyramid scam, was probably a factor in his victory. Icahn's backing for
the firm, as well as his public criticism of Ackman, may have contributed to increased
investor trust in Herbalife.
There is no specific timeline mentioned in the text regarding how long it took for Carl
Icahn's investment in Herbalife Nutrition Ltd. to become successful. However, it is noted
that Icahn first invested in the company in 2013 and has since continued to increase his
stake in it. According to Forbes, as of October 2021, Icahn's net worth was $24.6 billion,
and his investment in Herbalife was worth $1.8 billion.
As of October 2021, Carl Icahn's investment in Herbalife Nutrition Ltd. was worth $1.8
billion according to Forbes. Since his first investment in 2013, the investor has profited
more than $1 billion from his investment.

5
 References
Billionaire investor Carl Icahn sells CVR Energy to billionaire investor Jack Moore -
CNBC, June 2018
Billionaire Investor Carl Icahn Takes a Large Stake in Occidental Petroleum, CNBC,
May 14, 2019
Carl Icahn, Forbes, October 2021
Carl Icahn Sells Entire Stake in Occidental Petroleum, The Wall Street Journal, August
16, 2021
Carl Icahn Takes 13% Stake in Herbalife, The Wall Street Journal, February 2013
Carl Icahn's Cheniere Investment: The Thesis, The Risk, The Trade, Benzinga, August
2015
Carl Icahn's Epic Trade On Cheniere Energy, Forbes, November 2017
Carl Icahn's Successful Investment in CVR Energy, Investopedia, accessed March 25,
2023
Carl Icahn's Cheniere Energy Bet Is Paying Off Big Time, Fortune, December 2015
Forbes: Carl Icahn Pressures Occidental Petroleum to Sell After Sizable Loss,
OilPrice.com, June 16, 2020
Icahn Enterprises offers to acquire remaining units of CVR Energy. CNBC, 24 February
2017
Icahn Said to Build Stake in Occidental Petroleum, The Wall Street Journal, October
6,2019
Icahn Takes Large Stake in Occidental Petroleum, The Wall Street Journal, May 14, 2019
Icahn Takes Stake in Cheniere Energy, Betting on LNG Exports, Wall Street Journal,
August 2015.
Icahn vs. Occidental: Billionaire Investor Seeks Board Shake-up, CNBC, May 14, 2019
Occidental Petroleum Agrees to Board Shake-Up, Avoids Proxy Fight, Reuters, August
12, 2019,
Carl Icahn nets nearly $1.4 billion on sale of Texas refiner CVR Energy - CNBC, June
2018
Carl Icahn’s CVR Energy stock has soared 67% in the past year - MarketWatch, February
2018
CVR Energy's Icahn sale nets billionaire $1.4bn - Financial Times, June 2018
Icahn’s CVR Energy sale nets a gain of $1.5bn - Financial Times, June 2018
Cheniere Energy, Inc. annual 10 k report March 2023

6
CVR Energy Inc. 2022 form 10k report
Ichan Enterprises 2022 form 10k report
Ichan Enterprises Investor Presentation March 2023