Carl Icahn Tacitly Admits That There Is No Joy In Herbalife Without Bill Ackman's Pain

Happy Memorial Day from Uncle Carl.
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I forgive you again, Carl.

I forgive you again, Carl.

The greatest proxy slap fight in finance history is officially over, like really over...

Carl Icahn's Icahn Enterprises is finally taking some profits on its Herbalife winnings. On Friday the investor said he is lowering his stake in a securities filing.

Just a few scant months after Bill Ackman gave in on his zero bet on Herbalife, Carl Icahn has decided that he no longer needs to hold all that weight in the health shake mega-business that is almost definitely not maybe a pyramid scheme.

And Carl's reasoning is sound:

"Yesterday IEP tendered its Herbalife shares into the Company's self-tender offer. Of the shares we tendered, at most only 11.4 million could possibly be purchased in the tender, which would still leave us as the Company's largest shareholder with at least 34.3 million shares," Icahn wrote. "For almost six years, we have been one of Herbalife's strongest, most loyal supporters; we stood by the Company through a half-decade long short-selling campaign; and we never sold a share, even after our investment doubled. But, given that our Herbalife investment has become an outsized position, representing approximately 24% exposure to total NAV, it is only prudent for IEP to reduce its exposure."

Sorry, we should translate this into real talk:

"Without the perverse pleasure of trolling Lil' Bill on this stock, it's not nearly as enjoyable to be this involved with a company that might end up being bullshit. So, I'm gonna start to sell out in tranches and see if this thing is actually really worth anything other than a torture device for Youknowwho. And if it does end up going to zero, I would enjoy nothing more than being the cause of that, while simultaneously having no exposure and watching Bill profit not a cent from being correct all along. Happy Memorial Day, fuckos!"

And a Happy Memorial Day to you, Uncle Carl. We love you....

Herbalife shares plunge after Carl Icahn said he is lowering his stake in the company [CNBC]

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