Billionaire Carl Icahn made a tidy sum last week selling almost a million shares of a major American construction firm. Hey, good for him!
Icahn’s sale of hundreds of thousands of shares in The Manitowoc Company, Inc.—which took place from Feb. 12-22 but was first noted on Friday by Think Progress—netted the already unimaginably wealthy investor just over $31 million bucks. On its website, Manitowoc describes itself as being “one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry.” That’s a lot of industrial cranes! And where there’s a lot of industrial cranes, there’s a lot of industrial steel too.
Incidentally, just one week after Icahn’s multi-million dollar windfall, Donald Trump—with whom Icahn is particularly close, and for whom he briefly served as a “special adviser to the president” until he, uh, had to resign amidst allegations that he was using his privileged perch to benefit his own businesses—kicked off the opening salvo in a trade war by announcing a 25% tariff on imported steel. This proclamation immediately tanked the stock market, including the steel-dependent Manitowoc, which went from being worth $31.71 the day Icahn sold his shares to just over $26 dollars as of 1 PM on Friday.
Carl Icahn sure got lucky, didn’t he? We reached out to his people to ask if he has any tips for us so that we can become as lucky as him and we’ll update if we hear back.
Correction: this post initially said that Icahn sold his shares on Feb. 22. In fact, the sale took place from Feb. 12-22.