Billionaire Carl Icahn's Fortune Plunges Following Short-Seller Allegations of 'Ponzi-Like' Business Practices

Hindenburg Research accused Icahn Enterprises of inflating the value of its assets and relying on money from new investors to fund dividend payments to existing investors.
Icahn Enterprises' stock price fell by 20% following the report, reducing Icahn's net worth by $10 billion.
Hindenburg Research claimed Icahn Enterprises' assets were overvalued by 75% and its stock traded at a 218% premium relative to its net asset value.
Icahn called the short-seller's report "self-serving" and aimed solely at generating profits from a short position in Icahn Enterprises stock.
The sharp decline in Icahn's net worth dropped him from 58th to 119th on the Bloomberg Billionaires Index.