Activist Investor Carl Icahn Exits Occidental Petroleum

( Carl Icahn, the legendary American financier, philanthropist, and activist who endorsed Donald Trump in the 2016 presidential election, has sold the last of his investments in Occidental Petroleum Corp. Icahn no longer has any shares in the company after once holding a 10% stake in the gigantic oil and gas firm.

The Wall Street Journal revealed the news on Sunday, citing a memo sent by Icahn to the Occidental Petroleum Corp. board on Sunday.

Icahn has been gradually selling his cut of the company, but finally sold off the remainder of it in recent days. The news was followed by the announcement that two of his representatives on the board would also be resigning their positions.

The news was confirmed by a representative of his company, Icahn Enterprises, but did not provide any additional information or a copy of the memo that was sent.

Icahn’s decision shouldn’t come as a surprise. He has been in a fierce battle with the board since 2019 when the company made a $38 billion acquisition of Anadarko Petroleum. He claimed that the decision was a bad bet made on expectations of higher oil prices.

Icahn is known all over the world for his philanthropy. He has made substantial donations to Mount Sinai Hospital in New York, where he is a trustee. His Children’s Rescue Fund foundation also built a 65-unit complex for homeless families in the Bronx, housing single pregnant women and women with children who don’t have homes.

He is another fantastic example of how capitalism ultimately helps the least privileged.