Skip To Content
Fast Forward

Carl Icahn Dumped Millions In Stock Tied To Steel Before Trump’s Tariffs Announcement

Trump confidant and billionaire corporate raider Carl Icahn got a lucky break on a conspicuous trading decision last week, ThinkProgress reported.

SEC filings from February 22 show that Icahn dumped a million shares of an American company that relies heavily on use of steel imports — roughly a week before Donald Trump announced a planned 25% tariff on steel imports. Icahn sold off shares of Manitowoc Company, Inc., which makes construction cranes and “lifting solutions.”

When Trump made his announcement, the construction industry was hit hard. Manitowoc lost 6% of its value. Today, the company’s stock was trading around $26. Icahn sold his shares for between $32 and $34 each. This February marked Icahn’s first trades of his Manitowoc stock since 2015.

Icahn is a famously close confidant of Trump, with various news outlets reporting that the two speak multiple times a week. Icahn quit an advisory role in the White House after concerns emerged over conflicts of interest. In particular, Icahn drew criticism for pushing a biofuel policy that would benefit an energy company he owns.

Over the course of his early career, Icahn gained a reputation as a corporate raider for his leveraged takeovers of various companies.

Contact Ari Feldman at [email protected] or on Twitter @aefeldman


Republish This Story

Please read before republishing

We’re happy to make this story available to republish for free, unless it originated with JTA, Haaretz or another publication (as indicated on the article) and as long as you follow our guidelines. You must credit the Forward, retain our pixel and preserve our canonical link in Google search.  See our full guidelines for more information, and this guide for detail about canonical URLs.

To republish, copy the HTML by clicking on the yellow button to the right; it includes our tracking pixel, all paragraph styles and hyperlinks, the author byline and credit to the Forward. It does not include images; to avoid copyright violations, you must add them manually, following our guidelines. Please email us at [email protected], subject line “republish,” with any questions or to let us know what stories you’re picking up.

We don't support Internet Explorer

Please use Chrome, Safari, Firefox, or Edge to view this site.