Icahn sold about $600 million of his 16% Herbalife stake back to the company in recent days, according to sources. The liquidation leaves him with just a 6% stake, worth $400 million. The move also puts his holdings below the level stipulated in an agreement Icahn has with the company, so he will give up the five board seats currently held by his representatives. With the sale, Icahn cements a big win that netted him over $1 billion on the investment.
Icahn has been Herbalife’s largest shareholder since 2013. He stuck with the company through challenges from Hedge Fund Billionaire Bill Ackman, who insisted Herbalife was a pyramid scheme.