Carl Icahn Dumps $31.3M Worth of Steel Shares Before President’s Tariff Announcement

In a questionable move by many, Carl Icahn, famed investor and also long time chum of President Trump, unloaded $31.3 million in shares of a steel related company before President Trump revealed he was going to impose high tariffs on imported steel as well as aluminum.

Icahn sold almost 1 million shares of Manitowoc Co., a crane manufacturer based in Wisconsin from February 12th until February 23rd. The sale was revealed in an SEC filing that was reported first by Think Progress website.

Naturally the company’s share price took a tumble after President Trump made his announcement last Thursday that he would be implementing a 25% tariff on imported steel. The Commerce Department’s report to
recommend the tariffs was made public on February 17th.

According to Icahn, who spoke to CNBC, his interaction with Trump in the “past four or five months,” was limited and there wasn’t much.