The investors continue to buy shares of Herbalife.
According to a new filing, Icahn snapped up 372,342 additional shares. The 81-year-old billionaire now owns 22,872,342 shares, or 24.57% of the shares outstanding, a position valued at nearly $1.2 billion.
The stock is up 8.5% since January.
For more than four years now, Bill Ackman, the CEO of $11 billion hedge fund Pershing Square Capital, has been crusading against Herbalife. In late December 2012, he publicly declared that he was short $1 billion worth of Herbalife and that the stock would go to $0.
Shortly after Ackman revealed his short position, Icahn and other fund managers piled on by going long the stock. Icahn
Last July, Herbalife agreed to pay a $200 million settlement with the FTC and “fundamentally restructure” its business. The FTC alleged in its complaint that most distributors make little to no money and a substantial percentage lose money.
Soon after that announcement came out, Icahn put out a statement that the board has decided to increase his ownership limit from 25% to 34.99%.
Source: Yahoo Finance
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