As one of the most talked-about figures, Carl Icahn has built a significant fortune. In this article, we dive deep into the assets and career highlights.

What Is Carl Icahn's Net Worth?

Carl Icahn was born on February 16, 1936, in the Brooklyn borough of New York City. He is the son of Bella, a schoolteacher, and Michael, a cantor and later substitute teacher. Raised in Queens, Icahn went to Far Rockaway High School. Later, he attended Princeton University, graduating with an AB in philosophy in 1957. Carl went on to enroll at New York University's School of Medicine, but he dropped out after two years to join the military reserve.

The majority of Carl Icahn's fortune is derived from his 86% stake in Icahn Enterprises. He also owns an additional 2% of the company indirectly.

Career Beginnings in Business

Neilson Barnard/Getty Images for The New York Times

Icahn attracted much controversy in the mid-to-late 1980s, when he pooled his funds with both borrowed and investor funds to purchase 50% of Trans World Airlines, before acquiring the company completely via a leveraged buyout. He then sold the company's assets to repay his own debts, causing many to label him as a "corporate raider" engaged in asset stripping. Carl went on to sell TWA's London routes to American Airlines for $445 million, making him a profit while sending TWA into $540 million worth of debt.

Trans World Airlines Controversy

Carl Icahn is an American businessman, investor, and activist shareholder who has a net worth of $5 billion. Carl Icahn is best known as the founder and controlling shareholder of the holding company Icahn Enterprises in New York City. His investment strategy, which has become mainstream for hedge funds, involves buying large stakes in companies that he then pressures to make corporate policy changes that will benefit shareholders. In the 1980s, Icahn was criticized for being a "corporate raider" when he profited from the hostile takeover of Trans World Airlines, and since then, he has attempted a number of other mercenary takeovers and asset strips.

As recently as February 2023, Carl Icahn's net worth was as high as $25 billion when his company's stock was trading in the $50+ range. Unfortunately for Carl, in May 2023, his company became the target of a short seller's attack. In the aftermath, the company's stock price dropped from $50 to $20. As a result, Carl's net worth dropped from $25 billion to $6 billion.

Icahn entered the world of business affairs in 1961 when he became a stockbroker for Dreyfus Corporation. A few years later, he worked as an options manager for Tessel, Patrick & Co., and then for Gruntal & Co. In 1968, Carl used $150,000 of his own savings plus a $400,000 investment from his uncle to purchase a seat on the New York Stock Exchange. He subsequently formed Icahn & Co., which focused on options trading and risk arbitrage. Icahn's first takeover attempt came in 1978, when he took a controlling stake in the appliance company Tappan and forced its sale to Electrolux, effectively doubling his investment. The next year, he bought Bayswater Realty & Capital Corporation. In the early '80s, Carl acquired AFC Industries; selling his shares to Phillips Petroleum in 1985, he made a profit of $50 million.

Ultimately, Carl Icahn's financial journey is a testament to their success.

Disclaimer: All net worth figures are estimates based on public data.