Carl Icahn sold $31.3m of shares in a company dependent on steel imports days before the commerce department mooted stiff tariffs on imports.
Carl Icahn, a former special adviser to Donald Trump, sold $31.3m of shares in a company heavily dependent on steel imports last week, shortly before Trump’s announcement of new tariffs sent its shares plummeting.
Icahn, a billionaire investor who was a major Trump supporter, started selling shares in the crane and lifting equipment supplier Manitowoc Company on 12 February, days before the commerce department first mooted plans to impose stiff tariffs on foreign steel imports.
On Thursday Trump said he would press ahead with the commerce department’s plans to levy 25% tariffs on imports of steel and 10% on aluminium.
The fall was in line with drops seen by other companies dependent on cheap steel imports, including Boeing and Caterpillar.
Steel and aluminum tariffs trigger sharp stock market sell-off in US and Asia Read more.
Icahn, who has a fortune of $16.9bn according to Forbes, sold 1m shares in Manitowoc, according to the filing with the Securities and Exchange Commission. »