Trump's pal Carl Icahn dropped almost a million shares of a steel-dependent company days before tariff talk began
A week before President Trump announced his intention to impose a 25 percent tariff on steel imports, his longtime confidant and one-time adviser Carl Icahn had already cut almost 1 million shares of Wisconsin-based crane manufacturer Manitowoc Company Inc., ThinkProgress reports. The timing of Icahn's $31.3 million dump is suspect, because Manitowoc is a heavily steel-dependent company.
"Commerce Secretary Wilbur Ross publicly released a report on Feb. 16 calling for a 24 percent tariff," notes ThinkProgress. "But, as the chart in the [Securities and Exchange Commission] filing indicates, Icahn started selling his Manitowoc stock on Feb. 12, prior to the public release of that report." Icahn made the SEC filing on Feb. 22.
At the time Icahn began selling off the Manitowoc stock, it was worth $32 to $34 per share. "Although the stock's up 22.4 percent in the last year, shares are down 19.5 percent over the last month," wrote Seeking Alpha in an article pondering "Why Carl Icahn Just Cut His Manitowoc Stake by 33 Percent," published Feb. 28. For comparison, after Trump's tariff announcement, Manitowoc stock was trading Friday afternoon around $26 or $27 per share. Read more about Icahn's sale at ThinkProgress.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Are car headlights are too bright?The Explainer 82% of UK drivers concerned about being ‘dazzled’ as LED bulbs become more common
-
Saudi Arabia could become an AI focal pointUnder the Radar A state-backed AI project hopes to rival China and the United States
-
What you need to know about last-minute travelThe Week Recommends You can book an awesome trip with a moment’s notice
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
China’s rare earth controlsThe Explainer Beijing has shocked Washington with export restrictions on minerals used in most electronics
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
Fed cuts interest rates a quarter pointSpeed Read ‘The cut suggests a broader shift toward concern about cracks forming in the job market’
-
Why are global postal services cutting off package delivery to the US?Today's Big Question 'Uncertainty' around new tariff rules halts small-dollar imports
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
