Billionaire Carl Icahn’s Top 10 Stocks

Published on August 30, 2024 at 6:09 pm by Neha Gupta in Hedge Funds, News

Page 1 of 8

In this piece, we will take a look at billionaire Carl Icahn’s top 10 stocks.

One would expect legendary investor Carl Icahn to go slow and cherish his extraordinary and successful career on Wall Street. However, that is not the case as he continues to push to shake up corporate America in pursuit of shareholder value.

At 88 years old, Icahn remains one of the most feared and revered hedge fund managers because he can move the markets as he wishes. While he is often compared to legendary investor Warren Buffett, Icahn deploys a far more aggressive investment strategy beyond value investing.

The founder of Icahn Enterprises has built a reputation as a “corporate raider” and a ferocious activist investor. Icahn is recognized for his bold investment strategies, where he purchases a share in a company and leverages his power to achieve quick gains in the company’s stock value. This frequently includes participating in proxy battles, issuing public requests, and initiating a takeover campaign.

Likewise, he boasts of one of the most impressive track records on Wall Street, with his investment firm, Icahn Enterprises, having generated an annualized rate of return of about 14% between 2000 and 2022, according to Financhil. In contrast, the S&P 500 enjoyed an average annual return of 6% over the same period, while Buffett’s Berkshire Hathaway recorded an annualized return of about 9%.

Similarly, Icahn has seen an impressive 31% annualized return since 1968. Meanwhile, Buffett achieved a return of 19.5% over a similar timeframe. However, when considering the power of compounding, Buffett’s wealth generated from investment returns is significantly less than that of Icahn. Icahn’s investment prowess has led to a return of $65 for every $1 generated by Buffett.

The high returns that Icahn has succeeded in generating stem from implementing a high-risk, high-reward strategy. Therefore, Billionaire Icahn’s top 10 stocks involve stocks likely to benefit from short-term volatility to generate big gains.

Similarly, Icahn has never avoided cutting his losses when things go wrong. The corporate raider was forced to sell all his equity stakes in one of his holdings when the company filed for bankruptcy in 2020.

Unlike most hedge fund managers, Icahn focuses on an opportunistic investment strategy rather than on specific sectors. In this case, billionaire Icahn’s top 10 stocks are usually spread across various sectors, from technology to healthcare and energy. He also takes a keen interest in companies undergoing restructuring or radical changes.

Icahn has consistently advocated for change within company boards as a corporate raider and activist shareholder throughout his career. However, in recent years, he has experienced a reversal of fortune.

Icahn’s publicly listed firm faced significant scrutiny in 2023 when it was the focus of criticism from short-seller Hindenburg Research, which alleged that the company was overvalued and engaged in a Ponzi-like economic scheme.

In its report, Hindenburg alleged that Icahn has been running a Ponzi-like scheme by taking money from new investors to pay dividends to old investors. The allegations have since escalated, with the US Securities and Exchange saying that the billionaire investor had pledged up to 82% of shares in his companies to secure billions of dollars of margin loans.

“Hindenburg’s modus operandi, which is to publish scurrilous and unsupported allegations, did damage to IEP and its investors. We are glad to put this matter behind us and will continue to focus on operating the business for the benefit of unit holders,” said Icahn, according to CNN.

Icahn and his firm have since agreed to settle the charges for failing to disclose pledges of the company’s securities as collateral in billions of dollars worth of personal loans. Consequently, Icahn and his company will pay $1.5 million and $500,000 in civil penalties to settle the charges.

With this background in mind, let’s delve into billionaire Icahn’s portfolio and his top 10 stock picks.

Carl Icahn of Icahn Capital

Our Methodology

To compile the list of billionaire Icahn’s top 10 stocks, we screened Carl Icahn’s investment portfolio and scanned for his biggest holdings. Next, we ranked the stocks based on the value of the billionaire investor’s stakes in the company, as of Q2 2024. The stocks are ranked in ascending order.

We also mentioned the total number of hedge funds that had bought these stocks per Insider Monkey’s data. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

Billionaire Carl Icahn’s Top 10 Stocks

10. Caesars Entertainment, Inc. (NASDAQ:CZR)

Icahn Capital LP’s Equity Stake: $96.97 million

Number of Hedge Fund Holders: 54

Caesars Entertainment, Inc. (NASDAQ:CZR) sums up billionaire Icahn’s top 10 stocks as a consumer cyclical investment play. As a gaming and hospitality company, it leases and manages domestic properties, slot machines, video lottery terminals, and e-tables.

Icahn acquired stakes in the casino operator early this year while insisting that he liked the stock and was unprepared to do any activism. It was the second time the billionaire had acquired stakes in the company, having acquired first in 2019 and pushed for its sale as part of activist campaigns.

The investment came as Caesars Entertainment, Inc. (NASDAQ:CZR) implemented numerous important plans to recover and expand the business post-pandemic. A primary emphasis has been extending its online gaming and sports betting systems to capture a larger portion of the growing digital gaming market. This venture is meant to take advantage of the notable expansion in online gaming and provide a fresh income source.

In addition to expanding its online presence, Caesars Entertainment, Inc. (NASDAQ:CZR) has been actively reducing its debt, which became crucial following its 2020 acquisition of Eldorado Resorts. This strategy involves selling assets not central to its operations and restructuring existing debt to enhance the company’s financial health. Achieving better operational adaptability and financial health necessitates these steps.

For its second quarter, the company reported a loss of $0.56 per share. Despite this, its revenues totaled $2.83 billion, falling short of the market’s expectations of $2.86 billion. Its same-store adjusted EBITDA totaled $1 billion, while its Digital adjusted EBITDA totaled $40 million, marking a 263.6% increase compared to the previous year.

The company is still hopeful for the remainder of 2024, buoyed by strong performance in Las Vegas and Caesars Digital, anticipation of the Danville location’s launch, and a $430 million investment in the newly renamed Caesars New Orleans property.

While trading at a trailing price-earnings multiple of 11, Caesars Entertainment, Inc. (NASDAQ:CZR) appears undervalued compared to the average P/E of 15 for stocks in the consumer cyclical sector.

Hedge sentiment was negative toward Caesars Entertainment, Inc. (NASDAQ:CZR) in the second quarter of 2024, as 54 hedge funds held positions in the stock, compared to 57 funds’ positions in the preceding quarter. As of the second quarter of 2024, HG Vora Capital Management is the top shareholder in the company and has a position worth $131.14 million.

Here is what Baron Funds said about Caesars Entertainment, Inc. (NASDAQ:CZR) in its fourth quarter 2023 investor letter:

“In the most recent quarter, we acquired additional shares in Caesars Entertainment, Inc. (NASDAQ:CZR), the largest casino-entertainment company in the U.S. and one of the world’s most diversified casino-entertainment providers. We are big fans of CEO Tom Reeg and remain optimistic about the long-term prospects for the company.

The company operates primarily under the Caesars, Harrah’s, Horseshoe, and Eldorado brand names. The company generates approximately 50% of its cash flow from Las Vegas and 50% from regional destination markets. The company owns approximately half of its real estate and leases the other half from gaming REIT companies – Gaming and Leisure Properties, Inc. and VICI Properties Inc…” (Click here to read the full article)

9. American Electric Power Company, Inc. (NASDAQ:AEP)

Icahn Capital LP’s Equity Stake: $105.75 Million

Number of Hedge Fund Holders: 35

American Electric Power Company, Inc. (NASDAQ:AEP) is a significant power company in the U.S. It ranks among the top electric utilities, delivering power to numerous clients in 11 states. The firm manages various energy production facilities, encompassing coal, natural gas, nuclear, and green energy options.

After acquiring stakes in the U.S. utility company, Icahn engineered an activist campaign that resulted in the ousting of the then-CEO. The company was forced to appoint a new CEO, and the billionaire investor got two seats on the board.

The company delivered solid second-quarter financial results as its investments in modern, affordable, and reliable energy systems continue to benefit customers and communities. American Electric Power Company, Inc. (NASDAQ:AEP) is experiencing record-breaking growth in some regions of our service area, thanks to a robust transmission system and emphasis on economic growth.

Business demand rose by 12.4% compared to the previous year’s second quarter, propelled by a more than 20% increase in our Transmission & Distribution divisions following the launch of new data centers.

Likewise, the company delivered $4.6 billion in revenue in the quarter, up from $4.4 billion delivered last year. Earnings per share rose to $1.25 from $1.13 delivered the same quarter the previous year. American Electric Power Company, Inc.’s (NASDAQ:AEP) strong performance can be linked to its solid first-quarter outcomes, encouraging outlook for the entire year, and increasing need for power from industrial plants and data hubs fueled by artificial intelligence and various other technologies.

While trading at a price-to-earnings multiple of 17, American Electric Power Company, Inc. (NASDAQ:AEP) appears undervalued, given that the average P/E in the utility sector is 21. Additionally, the stock rewards investors with a 3.57% dividend yield.

According to Insider Monkey’s second-quarter database, 35 hedge funds held stakes in American Electric Power Company, Inc. (NASDAQ:AEP), compared to 29 funds in the last quarter. Rajiv Jain’s GQG Partners is a prominent stakeholder of the company, with approximately 9.58 million shares worth $840.75 million.

8. JetBlue Airways Corporation (NASDAQ:JBLU)

Icahn Capital LP’s Equity Stake: $107.96 Million

Number of Hedge Fund Holders: 19

JetBlue Airways Corporation (NASDAQ:JBLU) is one of billionaire Icahn’s top 10 industrial stocks. The company offers air transportation services. Early in the year, Carl Icahn disclosed a 10% stake in the airline giant and initiated an activist campaign to reinvigorate the company’s fortune.

Icahn acquired stakes in the company when it faced growth challenges after federal regulators blocked its plan to acquire Spirit Airlines for $3.8 billion. Nevertheless, the billionaire investor reiterated that the airline was fairly undervalued and represented an attractive investment opportunity.

JetBlue Airways Corporation (NASDAQ:JBLU) has moved to strengthen its growth prospects by upgrading its aircraft fleet with the debut of the Airbus A321neo and the start of transatlantic flights to London. Its achievements are further emphasized by the growth of the Mint service from Newark, which is projected to save $75 million by 2024.

Its dedication to lowering its debt is praiseworthy. The company’s long-term debt-to-equity ratio (a gauge of financial leverage) is 52.2% lower than the industry average, showing a robust financial position.

The airline delivered a $25 million profit in the second quarter, down by 82% year over year. Nevertheless, it was a surprise as analysts expected the company to post a loss. The airline has announced plans to cut costs to rebuild its business and bolster profit margins. It has already announced plans to delay the purchase of $3 billion worth of airplanes as it seeks to generate a gross profit of between $800 million and $900 million.

JetBlue Airways Corporation (NASDAQ:JBLU) remains one of billionaire Icahn’s top 10 stocks as it embarks on a strategy to return to profitability while restoring balance sheet health.

As of Q2 2024, JetBlue Airways Corporation (NASDAQ:JBLU) shares were held by 19 out of 912 hedge funds tracked by Insider Monkey. Its largest shareholder was Carl Icahn’s Icahn Capital LP, which owned 17.73 million shares valued at $107.96 million.

Page 1 of 8

Next >>

NYSE:IFF NYSE:DAN NYSE:BHC NYSE:UAN NYSE:SWX Show more...

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Published on October 6, 2025 at by Inan Dogan, PhD

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

A few years from now, you’ll wish you’d owned this stock.

The best part? You can discover everything about this company and its groundbreaking technology right now.

I’ve compiled everything you need to know about this groundbreaking company in a detailed, members-only report.

Trust me — you’ll want to read this report before putting another dollar into any tech stock.

For a ridiculously low price of just $9.99 a month, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single fast food meal!

Here’s why this is a deal you can’t afford to pass up:

• Access to our Detailed Report on this Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.

• 11 New Issues of Our Premium Readership Newsletter: You will also receive 11 new issues and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.

• One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149

• Bonus Reports: Premium access to members-only fund manager video interviews

• Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.

• 30-Day Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

If you’re thinking about getting in, don’t wait – because once Wall Street catches wind of this story, the easy money will be gone.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99 a month.

2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a month later!

Insider Monkey Ads

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on October 5, 2025 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

The AI infrastructure supercycle
The onshoring boom driven by Trump-era tariffs
A surge in U.S. LNG exports
And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 100+% Return within 12 to 24 months.

We’re now offering month-to-month subscriptions with no commitments.

For a ridiculously low price of just $9.99 per month, you can unlock our in-depth investment research and exclusive insights – that’s less than a single fast food meal!

Here’s why this is a deal you can’t afford to pass up:

Access to our Detailed Report on our AI, Tariffs, and Nuclear Energy Stock with 100+% potential upside within 12 to 24 months
BONUS REPORT on our #1 AI-Robotics Stock with 10000% upside potential: Our in-depth report dives deep into our #1 AI/robotics stock’s groundbreaking technology and massive growth potential.
One New Issue of Our Premium Readership Newsletter: You will also receive one new issue per month and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.
One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149
Bonus Content: Premium access to members-only fund manager video interviews
Ad-Free Browsing: Enjoy a month of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.
Lifetime Price Guarantee: Your renewal rate will always remain the same as long as your subscription is active.
30-Day Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99.

2. Enjoy a month of ad-free browsing, exclusive access to our in-depth report on the Trump tariff and nuclear energy company as well as the revolutionary AI-robotics company, and the upcoming issues of our Premium Readership Newsletter.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a month later!

Insider Monkey Ads

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Log In

Sign Up

Billionaire Carl Icahn’s Top 10 Stocks

Published on August 30, 2024 at 6:09 pm by Neha Gupta in Hedge Funds, News

Billionaire Carl Icahn’s Top 10 Stocks

10. Caesars Entertainment, Inc. (NASDAQ:CZR)

9. American Electric Power Company, Inc. (NASDAQ:AEP)

8. JetBlue Airways Corporation (NASDAQ:JBLU)

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Published on October 6, 2025 at by Inan Dogan, PhD

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on October 5, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Premium

Log In

Sign Up

Billionaire Carl Icahn’s Top 10 Stocks

Published on August 30, 2024 at 6:09 pm by Neha Gupta in Hedge Funds, News

Share

Billionaire Carl Icahn’s Top 10 Stocks

10. Caesars Entertainment, Inc. (NASDAQ:CZR)

9. American Electric Power Company, Inc. (NASDAQ:AEP)

8. JetBlue Airways Corporation (NASDAQ:JBLU)

Share

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Published on October 6, 2025 at by Inan Dogan, PhD

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on October 5, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up: