Icahn Enterprises L.P.

Hindenburg Research published a report on IEP on 2 May 2023^S1. It said Icahn had pledged most of his units for personal margin loans and that new investor money paid dividends. On 19 August 2024 the SEC announced settled orders finding that IEP did not disclose the pledges in its Form 10-K until 25 February 2022^S2. IEP and Icahn agreed to pay civil penalties of US$1.5 million and US$500,000 without admitting or denying the findings^S2^S6. IEP said a securities class action was dismissed without prejudice in September 2024^S3. The quarterly distribution fell from US$1.00 in 2024 to US$0.50 in 2026^S4^S5^S7.

Also known as: IEP, American Real Estate Partners
Headquarters: United States
Records from: United States
Current status: Icahn Enterprises remains a listed master limited partnership. On 3 August 2026 its board declared a quarterly distribution of US$0.50 per depositary unit, payable in cash or additional units^S5.
Nasdaq ticker: IEP
SEC CIK: 813762

Scope. This record covers the listed partnership Icahn Enterprises L.P. It does not cover Icahn Capital as a separate fund, or the many operating companies in which IEP holds stakes.

Claims assessed

5 claims. Scores grade the evidence for each claim, not the organization.

Opinion54
The May 2023 Hindenburg report described IEP's economic structure as ponzi-like.
Short-seller report, 2 May 20232 records citedMarket conduct
Supported85
The Hindenburg report said Icahn had pledged 181.4 million units, about 60% of his IEP holdings, for personal margin loans.
Short-seller report, 2 May 20233 records citedDisclosure
Unresolved42
The Hindenburg report said Icahn had been using money taken in from new investors to pay dividends to old investors.
Short-seller report, 2 May 20232 records citedMarket conduct
Partly supported77
IEP said in September 2024 that the SEC found no fraud, no inflation of its net asset value and no impropriety in its distributions.
Company statement, 16 September 20242 records citedDisclosure
Outdated80
IEP's financial statements showed distributions declared of US$1.00 per LP unit for the third quarter of 2024.
Company statement, November 20241 record citedCorporate status

Cases and proceedings

In the Matter of Icahn Enterprises L.P. and In the Matter of Carl C. IcahnU.S. Securities and Exchange Commission. Regulatory. Press release 2024-99.Stage: Settled cease and desist orders, without admitting or denying
- 19 August 2024 Civil penalties of US$1.5 million for IEP and US$500,000 for Icahn^S2
Investor plaintiffs v. Icahn Enterprises L.P. and othersU.S. District Court (Judge K. Michael Moore). Civil. Not published.Stage: Dismissed without prejudice on 13 September 2024, per IEP
- 13 September 2024 Complaint dismissed without prejudice, per IEP^S3

Responses on record

Icahn Enterprises L.P., 16 September 2024, on The Hindenburg report said Icahn had been using money taken in from new investors to pay d...
IEP called the lawsuit claims meritless and copied from false and misleading Hindenburg reports.^S3
Icahn Enterprises L.P., 16 September 2024, on IEP said in September 2024 that the SEC found no fraud, no inflation of its net asset valu...
IEP said it settled a technical disclosure violation with the SEC.^S3

Revision history

25 October 2026 Profile and 5 assessments first published. Records checked to 25 October 2026.

Source records

S2Tier A SEC Charges Carl Icahn and Icahn Enterprises L.P. for Failing to Disclose Pledges of Company's Securities as Collateral for Billions in Personal LoansU.S. Securities and Exchange Commission. Regulator press release. 19 August 2024.Supports the settled findings on undisclosed pledges and the penalties. It does not address distributions or net asset value.
S3Tier B ICAHN ENTERPRISES VINDICATED BY DISMISSAL OF MERITLESS LAWSUIT THAT PARROTED FALSE AND MISLEADING CLAIMS PUBLISHED BY HINDENBURG “RESEARCH”Icahn Enterprises L.P.. Company statement. 16 September 2024.Company account of the class action dismissal and of the SEC outcome. Its characterizations are the company's own.
S5Tier B Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Second Quarter 2026 Financial ResultsIcahn Enterprises L.P.. Company filing. 5 August 2026.Supports the US$0.50 quarterly distribution declared on 3 August 2026.
S1Tier D Icahn Enterprises: The Corporate Raider Throwing Stones From His Own Glass HouseHindenburg Research. Short-seller report. 2 May 2023.Origin of the ponzi-like, dividend and pledge claims. It is a short seller's analysis, not a finding.Link working, checked 25 October 2026
S6Tier D SEC Charges Carl Icahn and Icahn Enterprises L.P. for Failing to Disclose Pledges of SecuritiesDebevoise and Plimpton LLP. Academic paper. 21 August 2024.Law firm analysis by Andrew J. Ceresney and other partners of the August 2024 orders. Corroborates their scope and penalties only.Link working, checked 25 October 2026
S4Tier B Form 10-Q for the quarterly period ended September 30, 2024Icahn Enterprises L.P.. Company filing. November 2024.Shows distributions declared of US$1.00 per LP unit for the third quarter of 2024.
S7Tier B Annual Report on Form 10-K for the year ended December 31, 2025Icahn Enterprises L.P.. Company filing. 2026.Risk factor that future cash distributions can be affected by numerous factors. Does not state amounts in the part read.