Icahn Can’t make a profit with oil price plummet
Carl Icahn’s investment fund suffered losses for the first time since 2008 due to the plunge in the price of crude oil. According to the results of 2014, billionaire Carl Icahn’s investment fund Icahn Enterprises LP made a loss.
Carl Icahn has a net worth of $23.4 billion and he is the 16th among the wealthiest people of the United States. The company posted the loss of $373 billion. In 2013 the company’s net profit was $1.03 billion. Last year the prices on stocks of energy companies Chesapeake Energy Corp. and Transocean Ltd fell by 30% and 63% respectively. A part these stocks belongs to Icahn Enterprises. “This year’s results were obviously disappointing, with the precipitous decline in oil prices impacting the profitability of many of our segments,” Icahn said.
However, over the next few years Icahn is intended to get a considerable profit expecting the oil price stabilization. He also believes that it is a long-term prospective. The losses were smoothed by a sharp price increase by 73% of Apple’s stocks in 2014.
In 2013 the investor disclosed via Twitter that he had bought a stake in Apple. At the same time he had discussed a possibility of the stocks repayment with Tim Cook. Nowadays, the billionaire owns 53 billion shares of that – which is 0.9% of Apple.
Icahn owns the company’s stocks valuing $7 billion. “I look forward to wearing the watch in the very near future and possibly driving the car in the more distant future,” Icahn said. Carl Icahn is a shareholder of more than 10 technology companies.