Billionaire Carl Icahn’s Latest Portfolio: Top 5 Stock Picks

4. FirstEnergy Corp. (NYSE:FE)

Icahn Capital LP’s Stake Value: $728,172,000

Percentage of Icahn Capital LP’s 13F Portfolio: 3.49%

Number of Hedge Fund Holders: 42

Icahn Capital LP initiated an activist stake in FirstEnergy Corp. (NYSE:FE) by purchasing 18.97 million shares of the company during the first quarter of 2021 and kept that stake unchanged till the end of June 2022. Prior to Mr. Icahn building a position in the company, FirstEnergy Corp.’s (NYSE:FE) stock had declined considerably as the company found itself embroiled in a controversy over the bailout of the nuclear power plants it operates.

Immediately after initiating his stake, Mr. Icahn asked for two seats on the company’s board for his nominees, which FirstEnergy Corp.’s (NYSE:FE) board promptly agreed to on March 16, 2021. However, the Federal Energy Regulatory Commission (FERC) approved the request for these board seats, which will come with voting rights, only in July this year. On August 15, FirstEnergy Corp. (NYSE:FE) announced that it had completed the closure of an ash landfill for a power station in West Virginia, which has paved the way for the property to be used for the construction of a utility-scale solar facility.