For four glorious years, Carl Icahn had a hotline straight to the Oval Office or whatever golf course President Donald Trump was “working” from. This came quite in handy when someone in Trump’s employ or otherwise indebted to/hoping to get something else from him went a bit off the reservation and started doing things Carl Icahn didn’t like, such as regulating people like Carl Icahn.
Well, Carl Icahn no longer has that hotline, and it shows, notably in the form of a new Securities and Exchange Commission proposal giving people like Carl Icahn only five days to amass their stakes before having to share with the class.
"This is a sad day for many American businesses, which need to replace incompetent chief executives rather than entrench them," said Icahn, one of the industry's most successful activist investors with a net worth of more than $16 billion…. While Icahn said the rule won't hurt him much because he doesn't need outside money, its potential to dampen returns will be painful for activists who must court outside investors.
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