Icahn Dumps $31M in Shares Before Steel Tariff Unveiled

Former Trump adviser apparently saw it coming
By Neal Colgrass,  Newser Staff
Posted Mar 3, 2018 6:32 AM CST
Icahn Dumps $31M in Shares Before Steel Tariffs Unveiled
In this Oct. 11, 2007 file photo, activist investor Carl Icahn speaks at the World Business Forum in New York.   (AP Photo/Mark Lennihan, File)

Billionaire investor Carl Icahn—who once worked as a "special adviser" to President Trump—dumped about $31 million of shares in a company that depends on steel imports just days before Trump announced tariffs on steel imports, the Guardian reports. On February 12, Icahn began selling his shares in crane and lifting equipment supplier Manitowoc Company for $32 to $34. A few days later the Commerce Department recommended steep tariffs and import quotas on steel. Then Trump threatened a trade war Thursday and Manitowoc tumbled 5.48% to $26.37, meaning Icahn's shares lost about $6 million. He quietly submitted his SEC filing about a week later.

Icahn hadn't bought or sold any Manitowoc shares in the previous three years, reports ThinkProgress, which broke the story. He did appear to maintain a small piece of the stock, but because it's less than 5% of Manitowoc he could have kept selling without immediately disclosing it. Icahn also dumped 22% of his shares in Freeport-McMoRan, a company that mines gold, copper, and molybdenum—the latter an alloying agent in steels, the Financial Times reports. Freeport-McMoRan stocks fell 1.2% Friday. Icahn worked as a Trump adviser but quit last year before the New Yorker published an article saying he had tried using his position to shield his investments. (More Carl Icahn stories.)

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