Carl Icahn’s hedge fund suffers 20% stock drop after revealing federal probe

Shares of Icahn Enterprises fell by some 20% on Wednesday after it was learned that federal prosecutors sought documents from the company.

that the US Attorney in the Southern District of New York reached out to the fund on May 3.

Icahn Enterprises — whose 87-year-old founder is among the most iconic investors on Wall Street — said in the filing that it was cooperating with the request. “We believe that we maintain a strong compliance program and, while no assurances can be made and we are still evaluating the matter, we do not currently believe this inquiry will have a material impact on our business, financial condition, results of operations or cash flows.”Carl Icahn has seen his net worth plunge by more than $10 billion since Hindenburg Research took a short position on his company, Icahn Enterprises.

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