Early Life
Carl Celian Icahn was born on February 16, 1936, in Queens, New York. He grew up in the Far Rockaway neighborhood. His father was a cantor and later a substitute teacher, and his mother was a schoolteacher. Icahn graduated from Princeton University in 1957 with a degree in philosophy. He briefly attended New York University School of Medicine before dropping out to join the Army Reserve.
Rise to Success
Icahn began his career on Wall Street in 1961 as a stockbroker at Dreyfus Corporation. In 1968, he founded Icahn & Co., a securities firm that focused on arbitrage and options trading. His investment style evolved to taking substantial positions in individual companies, and in 1978, he began to initiate takeovers. Icahn gained notoriety as a 'corporate raider' in the 1980s, taking significant stakes in companies like TWA, Texaco, and US Steel. He would then pressure management to make changes he believed would benefit shareholders, and himself.
Key Business Strategies
Icahn's primary business strategy involves identifying undervalued companies and acquiring significant stakes. He then uses his position to advocate for changes in corporate policy, such as restructuring, asset sales, or management changes. This activist approach, often referred to as the 'Icahn Lift', has been a hallmark of his career. His focus is on contrarian investing, buying assets that are out of favor, and he has a reputation for being a shrewd negotiator.
Philanthropy
Icahn is also known for his philanthropic endeavors. He has donated millions to causes that support education, healthcare, and child welfare. Notably, he funded the construction of Icahn House, a complex for homeless families, and the Icahn Stadium. In 2012, the Mount Sinai School of Medicine was renamed the Icahn School of Medicine at Mount Sinai in recognition of his $200 million gift.