Is Carl Icahn’s massive fortune built on an overvalued empire?

Short-selling firm Hindenburg Research has targeted Carl Icahn Enterprises, alleging the company overstates its private asset values and maintains a Ponzi-like economic structure.

The report by Nate Anderson's Hindenburg Research claims that the publicly traded units of Icahn Enterprises L.P. (IEP)—85% of which are owned by Carl Icahn—are significantly overvalued. This scrutiny follows a period of intense volatility for the legendary corporate raider.

The impact on Icahn's wealth has been substantial. His fortune dropped from $18.3 billion on a Monday afternoon to $12 billion by Tuesday's close, a decline of over 35%. Furthermore, Forbes reduced his estimated net worth by an additional $3.6 billion after revealing that Icahn had used more than half of his IEP shares as collateral for undisclosed personal debts.

Source: Carl Icahn Comes Under Fire!