Herbalife Shares Have Recovered All Of The Losses Of Monday's Plunge
AP Images
Fox Business Network's Charlie Gasparino Tweeted that Icahn has not sold a single share or taken an options position.
The stock was last trading up about 7.9% on Tuesday around $43.39 per share.
Herbalife, a multi-level marketer that sells nutrition products, has been at the center of a hedge fund war for nearly 20 months.
Bill Ackman, who runs Pershing Square, has been very loudly and publicly short the company. He made his $1 billion short position public back in December 2012. It's his belief that Herbalife operates as a "pyramid scheme" that targets poor people. His investment thesis is predicated on regulators, specifically the Federal Trade Commission, shutting the company down. Back in March, the FTC opened a probe into the company.
Within weeks of Ackman's presentation, Icahn, a long-time rival, snapped up a large long position. The two hedge fund titans later engaged in nasty, on-air brawl on CNBC. Icahn had also admitted that the fact that he doesn't like Ackman was one reason why he decided to take a look at investing in the company in the first place. This summer, Icahn and Ackman reconciled with a hug at a conference.
Icahn currently owns 17,000,000 shares of Herbalife, according to regulatory filing data compiled by Bloomberg.
Check out the chart for the last five trading sessions:
Yahoo! Finance
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Audi to hike vehicle prices by up to 2% from June
- Kotak Mahindra Bank shares tank 13%; mcap erodes by ₹37,721 crore post RBI action
- Rupee falls 6 paise to 83.39 against US dollar in early trade
- Markets decline in early trade; Kotak Mahindra Bank tanks over 12%
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema