Herbalife Nutritional Ltd. announced that Carl Icahn has sold his remaining stake in the company.
After a widely-publicized battle with billionaire hedge fund manager William Ackman, who had placed a $1 billion short position in Herbalife stock in 2012 and then began a campaign against the company, Icahn Enterprises became an activist for Herbalife, investing more than one billion dollars and holding five seats on the company’s Board of Directors.
This investment and Icahn’s guidance led to Ackman closing his short position on the company in 2018.
Icahn Enterprises sold $600 million of its common shares back to the company and relinquished its five board seats in January 2021. Icahn’s sale of remaining stock became effective last week.