Carl Icahn has offloaded all his Chesapeake Energy shares and Transocean shares. This does not come as a surprise, as Icahn has been selling his stake in Chesapeake for quite some time now, reports Investopedia.
In August, he reduced his stake from 9.4% to 4.5%, citing tax planning as the reason. The billionaire investor held close to 73 million shares worth about $239 million at the end of 2015.
Icahn seems to be rebalancing his position in the energy industry, as he maintained his stake in Chenier Energy and Freeport- McMoRan, notes Investopedia. Further, he offloaded 250,000 shares in CVR Refining LP (CVRR); he had owned about 6 million shares worth roughly $113 million as of Dec. 31, 2015.
In October prior to the third quarter conference call, Chesapeake Energy revised its production guidance and stated that it cannot achieve a cash neutral position until 2018. Earnings per share for the third quarter were reported at 9 cents per share, substantially outperforming analysts ‘expectation of 3 cents per share in losses.Click here to read more.
While we haven't been able to track down an exact figure, it would appear a certainty that Icahn lost well over $500 million on his investment in Chesapeake Energy, and the actual number may perhaps be closer to $1 billion.
Connect with us on Facebook and Twitter!