Early Life and Education
Carl Celian Icahn was born in Queens, New York City, on February 16, 1936, to an Ashkenazi Jewish family. His father was a cantor, and his mother was a schoolteacher. Icahn attended Far Rockaway High School. He graduated from Princeton University in 1957 with a B.A. in philosophy, and later studied medicine at New York University School of Medicine for two years before dropping out to join the Army Reserve.
Rise to Success
Icahn began his career on Wall Street in 1961 as a stockbroker for the Dreyfus Corporation. In 1968, he purchased a seat on the New York Stock Exchange and founded Icahn & Co., focusing on risk arbitrage and options trading. Over the years, he developed a reputation as an activist investor, taking significant stakes in companies and pushing for changes to increase shareholder value.
Key Business Strategies
Icahn's primary investment vehicle is Icahn Enterprises, a diversified holding company. His business model involves acquiring large stakes in companies he believes will appreciate from changes in corporate policy. He then pressures management to make changes to benefit shareholders. Icahn's career is marked by high-profile takeovers and corporate restructuring, often described as a "corporate raider". He has been involved in numerous significant investments, including Tappan Company, Trans World Airlines (TWA), and Herbalife.
Philanthropy
Icahn has been involved in philanthropy through the Icahn Charitable Foundation, Foundation for a Greater Opportunity, and Children's Rescue Fund. He has made substantial donations to educational institutions and medical facilities, including the Icahn School of Medicine at Mount Sinai and the Icahn Genomics Institute. He also founded Icahn House, a complex for homeless families.