Carl Icahn Is Betting $7.4 Billion on These 3 Stocks

Carl Icahn is one of the most influential investors on Wall Street. He is a pioneer of activist investing. Icahn began his career as a stockbroker at Dreyfus Corporation, later moving to options trading. In 1968, using $150,000 of his own money and a $400,000 loan from his uncle, he bought a seat on the New York Stock Exchange and founded Icahn & Co. He is known for demanding board seats, advocating for asset sales, buybacks, or management changes, and sometimes accepting "greenmail" (being paid to go away).

Icahn has a reputation for rapidly extracting value from companies after gaining a stake in them. He has targeted dozens of companies, pushing them to make changes that led to short-term gains at the expense of long-term stability. This doesn’t always work out, but when it does, it can lead to significant gains for those who follow his bets. We’ll be looking into three stocks he is betting the vast majority of his fortune on.

Updated on December 2, 2025, with the most recent data on Carl Icahn's portfolio.

Carl Icahn targets companies that he thinks are undervalued, then he buys up significant stakes in them. Afterwards, he uses his stake to aggressively pressure management for changes that would quickly increase the stock price. Management usually yields to significant stakeholders. Once that happens and the stock price increases, he exits his positions.

Icahn invests through Icahn Enterprises L.P. (IEP). This is a master limited partnership and diversified holding company, of which he owns 90.6%. The performance here hasn’t been as smooth as that of other companies. IEP has had periods of massive outperformance, especially in the 2002 to 2007 stretch, and again from 2012 to late 2013. Recent performance has been dismal, with IEP down 84.18% over the past five years.

Icahn has added significantly to certain stocks he has been holding to pull off a turnaround. IEP has shuttered underperforming stores and has trimmed certain segments. It is now focusing more on segments that have been previously profitable, and stakes are being significantly increased in some companies.

• Number of holdings: 13
• AUM: $9.14 billion
• Q3 2025 performance: up 11.1%
• Top 20 holdings weighted 3-year annualized return: -28.37%.
• Top 20 3-year cumulative performance: -63.25%.

• Southwest Gas Holdings is the largest natural gas distributor in Arizona.
• The stock has been an underperformer in the late 2010s and through 2023, but is making a strong comeback.
• Icahn seems to be betting on a bigger rebound, especially as rate cuts are on the horizon.
• It pays a dividend yield of 3.02%.
• His ownership amounts to $497.15 million, or about 5.42% of his portfolio.

• CVR Energy is a holding company that focuses on petroleum refining, renewable fuels, and nitrogen fertilizer manufacturing.
• Icahn is the largest shareholder here and owns 70% of the company.
• He has been holding CVI stock for around 15 years, so this is not a short-term play.
• His ownership here is worth $2.57 billion, or 27.59% of his portfolio.

• This is Carl Icahn's brainchild firm, which has businesses across several segments.
• IEP stock has been a major underperformer recently, but Icahn is betting on a turnaround.
• He has increased his stake even more, so it's likely that he's confident he can right the ship.
• Carl Icahn's ownership in IEP is 46.93% of his portfolio, or $4.37 billion. His holdings here have increased by 4.88%.

IEP stock has seen severe setbacks in recent years. However, not all is lost. The billionaire investor retains a massive portfolio of stocks, many of which could roar back in earnest once the economic cycle turns. The company's portfolio could very well recover.

Carl Icahn has seen many ups and downs over his lifetime, and the current environment hasn't been very kind to his portfolio. His turnaround bets could now make or break his legacy.