Icahn Enterprises’ Plunge Just One of Short-Seller Hindenburg’s Many Big Hits

(Bloomberg) — Icahn Enterprises LP’s steepest one-day plunge on record after Hindenburg Research disclosed a short call against the investment firm added to the list of big hits dealt by the short-seller that’s become a household name on Wall Street.

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Billionaire Carl Icahn’s company plummeted closed down 20%, marking another double-digit drop in a stock after an attack from Nathan Anderson’s firm. The one-day losses for Icahn Enterprises stand out among those seen for Hindenburg’s recent bets against the billionaire Gautam Adani’s business empire and Block Inc.

Icahn rejected the claims made in Hindenburg’s report, saying in a statement that it was “solely to generate profits on Hindenburg’s short position.” “We stand by our public disclosures and we believe that IEP’s performance will speak for itself over the long term as it always has,” Icahn added.

The short seller has targeted a range of companies over the years, including now penny stocks — SCWorx Corp. and Ideanomics Inc. — retail trader favorites such as Genius Brands International Inc. and Mullen Automotive Inc., as well as companies with wealthy and well-known leaders in Icahn and Jack Dorsey’s Block. Almost all of Hindenburg’s recent targets have closed lower the day that reports were published while losses only deepened in the months after for many.

Explainer: What’s Short Selling? Who Is Hindenburg Research?

To be sure, not every short bet was a clear winner over the longer term. Sorrento Therapeutics Inc., New Pacific Metals Corp., and Establishment Labs Holdings Inc. all traded higher after three months.

(Updates to reflect market close. An earlier version corrected the spelling of Icahn Enterprises in the headline.)