Investor Carl Icahn says bye-bye to Herbalife Nutrition as he sold over half of his stake back to the company for about $600 million (dinner’s on him, we suppose?). The billionaire investor is also giving up his firm’s five seats on Herbalife’s board, with Icahn Enterprises LP trimming down its prior 16% stake to about 6% on or before January 7.
The nutrition products maker agreed to buy back Icahn’s shares at $48.05 each, ending the 84-year-old’s legacy as its biggest shareholder after a turbulent eight-year investment. Herbalife faced several accusation claims throughout the past few years, particularly from Icahn’s fellow activist investor Bill Ackman, who branded the company a “pyramid scheme” after a very public clash between the two.
Icahn has been one of Herbalife’s biggest defenders – which is unsurprising considering it is estimated that he made more than $1 billion during his time with Herbalife – standing by its marketing model and at times even suggesting he would take the company private.