Casino Owner Icahn Sells Before Steel Tariff News Hits Stock

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Published on:
Mar/04/2018

SAN FRANCISCO — (Associated Press) - Billionaire investor Carl Icahn sold nearly 1 million shares of stock in a company tied to the steel industry leading up to President Donald Trump’s decision to impose costly tariffs on steel and aluminum imported into the U.S.

Icahn also has ties to Trump; he was an unpaid adviser to the president before resigning last August.

A recent regulatory filing disclosed Icahn sold $31.3 million worth of stock in crane manufacturer Manitowoc Co. last month. Manitowoc could be hurt by Trump’s tariffs, a threat that caused the company’s shares to drop by 9 percent to $26.93 since the president’s announcement.

Icahn sold his Manitowoc stock at prices ranging from $32.47 to $34.31 from Feb. 12 to 22.

Icahn’s office didn’t immediately respond to a request for comment Saturday.

Icahn owns the former Trump Plaza Hotel and Casino in Atlantic City and sold the former Trump Taj Mahal Casino Resort to Hard Rock International for $50 million last year.

He also led a group of lenders that purchased Tropicana Atlantic City for $200 million in 2010.

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