Icahn Enterprises L.P.’s stock tumbled 11% Friday, meaning Carl Icahn may have lost over $700 million on the investment vehicle’s shares he owns. The stock’s selloff came after Standard & Poor’s indicated Icahn Enterprises’ credit rating could be cut to junk status. Icahn is the company’s chairman, and by far its largest shareholder, as he owned 117.04 million common shares, or 91% of the shares outstanding, as of Dec. 31, according to FactSet. If his holding remained intact on Friday, the stock’s $6.10 price decline means he would have lost $713.91 million on his bet. With the stock down $12.55, or 20%, year to date, Icahn could be down $1.47 billion on his investment this year.
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