Carl Icahn’t has lost over $632,000,000 on “America’s Biggest Fracking Gasholes,” Chesapeake. Sic Semper Gasholo
Icahn’t is losing seven times as much on Chesapeake as he’s making on Apple a day.
For the day, Icahn’t is up more than $10 million on Apple, but he’s down more than $75 million on fracker Chesapeake Energy
Should Carl Icahn’t be smiling? He’s losing big time on fracking.
Activist investor Carl Icahn may want to consider talking up the shares of Chesapeake Energy, because he’s lost seven times as much money on them Thursday as he’s made on Apple Inc.’s stock.
Icahn Associates is the largest shareholder of Chesapeake Energy CHK, -1.04% with 66,450,000 shares, according to FactSet. With the shares sliding $1.13, or 5.5%, to $19.50 in afternoon trade Thursday to their lowest level since July 1, 2013, Icahn has so far lost $75.1 million on the day.
The oil-and-gas company’s shares have lost a third of their value over the past three months, which translates into a loss of $632.6 million for Icahn during that time.
That’s assuming Icahn’s holdings remained unchanged, of course. Icahn wasn’t immediately available for comment.
Meanwhile, Apple shares AAPL, -0.24% were up 20 cents, or 0.2%, to $101 in recent trades, after Icahn said they should be trading at $203. Since Icahn Associates owns 52,760,848 shares of Apple, according to FactSet, he’s made $10.6 million on Thursday. Over the past three months, he’s made $314.5 million on Apple shares.
Chesapeake has been shedding assets this year, including spinning off of its oil field services business in July, as it looks to focus on stronger growth areas and simplify its balance sheet. But the shares have fallen sharply over the last three months, along with crude oil and natural gas prices.
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