Icahn denies he knew about tariffs early
Investor sold shares in crane company before decision
Billionaire activist-investor Carl Icahn said Wednesday that he knew nothing about President Donald Trump’s decision to impose tariffs on steel and aluminum imports before deciding to sell shares in a company that makes cranes for heavy construction.
“We don’t generally comment on rumors, but the recent media speculation regarding our sale of Manitowoc stock calls for a response,” Icahn, a former Trump adviser, said in a short statement on his website.
“We state for the record: Any suggestion that we had prior knowledge of the Trump administration’s announcement of new tariffs on steel imports is categorically untrue. We reduced our position in Manitowoc for legitimate investment reasons having nothing to do with that announcement.”
Trump’s tariff decision March 1 took many by surprise — particularly investors, with the Dow Jones industrial average closing the day’s trading down more than 400 points, or 1.7 percent, at 24,608.
Icahn dumped roughly a million shares tied to the steel industry a week before the president announced 25 percent tariffs for foreign-made steel. A Feb. 22 filing with the Securities and Exchange Commission showed Icahn sold off $31.3 million of his stake in the Manitowoc Co., a leading global manufacturer of cranes for heavy construction based in Manitowoc, Wis., according to the company’s website. Icahn — who has had majority interest in several companies, including Motorola, Xerox, Family Dollar and Pep Boys —sold his stock for about $32 to $34 a share, according to the SEC disclosure, which was first reported by Think Progress.
Manitowoc’s stock fell after Trump’s announcement last week, closing that day at about $26 a share. It has since rebounded slightly.
It was the first time Icahn had actively traded any Manitowoc stock since January 2015, according to regulatory filings.
A White House spokesperson on Friday dismissed the idea that Trump would feed Icahn information, according to NPR, and said Trump has been talking privately and publicly about imposing tariffs for a long time.
Though Icahn no longer advises Trump in a formal role, the two reportedly still talk.