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President Trump’s decision Thursday to impose crippling tariffs on the imports of steel and aluminum took many by surprise — particularly investors, as the Dow Jones Industrial Average closed the day’s trading down more than 400 points, or 1.7 percent, at 24,608.But one billionaire investor and former Trump adviser, Carl Icahn, was seemingly unvexed, having dumped a million shares tied to the steel industry a week before the president announced 25 percent tariffs for foreign-made steel.A Feb. 22 SEC filing shows Icahn sold off his $31.3 million stake in the Manitowoc Company, which is a leading global manufacturer of cranes for heavy construction based in Manitowoc, Wis., according to the company’s website. Since Trump’s announcement Thursday, Manitowoc’s stock has plummeted to about $26. Icahn — who has had majority interest in several companies including Motorola, Xerox, Family Dollar and Pep Boys — had sold his shares for about $32 to $34 each, according to the SEC disclosure, which was first reported by Think Progress . . .. . . Trump and Icahn’s history is one of friends turned foes turned friends . . . Though Icahn no longer advises Trump in a formal role, the two reportedly still talk. Icahn resigned from his position as a “special adviser†to Trump on regulatory reform in August, claiming he didn’t want to step on the toes of Neomi Rao, the administrator of the Office of Information and Regulatory Affairs, and because he wanted to avoid conflicts of interest over regulations that would affect an oil refinery company he owns, CVR Energy.. . . Before stepping down, Icahn had been trying to push a policy that would benefit his oil company. But the Environmental Protection Agency planned to reject that policy, which would alter regulations designed to promote ethanol use by requiring refiners to blend mandated levels of ethanol and other renewable fuels into gasoline.
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Topic: Shortly before Trump announced tariffs, his former adviser dumped millions in steel-related stocks (Read 416 times)
