The Enduring Losses Incurred by Carl Icahn’s 5 Activist Targets over the Long Term

2. Hertz Global Holdings, Inc. (NASDAQ:HTZ)

Stock Loss: 94.38%
S&P 500 Return: 42.06%

Hertz Global Holdings, Inc. (NASDAQ:HTZ) is a vehicle rental company offering services under the Hertz Dollar and Thrifty Brands. Icahn started amassing stakes in Hertz Global Holdings, Inc. (NASDAQ:HTZ) in 2016 and, at one point, was the largest holder with a 39% stake.

With the massive holding, Icahn called shots on gaining board seats. While Hertz Global Holdings, Inc. (NASDAQ:HTZ) was one of Carl Icahn’s top activist targets, it ended up disappointing as the company imploded at the height of the pandemic. Icahn ended up incurring a 94.38% loss as Hertz Global Holdings, Inc. (NASDAQ:HTZ)’s core business stopped with the lockdowns in place amid the pandemic.

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1. Seventy-Seven Energy Inc

Stock Loss: 100%
S&P 500 Return: 7.06%

Seventy-Seven Energy holds the record of being one of the biggest failures in Carl Icahn’s activist campaigns. When in operation, the company operated as a diversified oilfield services company that offered a wide range of services and equipment in the US.

Icahn acquired a 13.74% stake in the company in 2014 when it struggled with low commodity prices and high debt. Even as the legendary investor pushed for strategic changes, including cost-cutting, board changes, and asset sales, his turnaround efforts failed to have a significant impact.

Seventy-Seven filed for bankruptcy in 2016 after struggling with a $1.7 billion debt. As Icahn incurred a 100% loss on the stock, the S&P 500 gained about 7% over the same period.

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