Carl Icahn Scales Down Chesapeake Energy Stake
The billionaire activist says he's dropped his stake in Chesapeake Energy by about half to 4.6%
Billionaire activist Carl Icahn says he's dropped his stake in Chesapeake Energy (CHK) - Get Report by about half to 4.6%. But it seems he still has faith in the management of the rebounding company. Shares have more than doubled in 2016, and the decision to let the majority of his Chesapeake stake slip has mostly to do with tax planning. Icahn says he believes CEO Doug Lawler and his team "have done an admirable job, especially in light of the circumstances," and that his reduced stake is a reflection of his firm's cost management.
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