Who Is Carl Icahn?

By Scott Levine – Sep 11, 2025 at 5:26PM | Fact-checked by Frank Bass

Key Points

Carl Icahn's activist investment strategy focuses on growing shareholder value through engagement.
Icahn advocates for a contrarian investing approach, buying undervalued or unpopular assets.
He became the chairman of TWA after a hostile takeover, leading to significant financial gains.
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Committed to making money -- not friends -- Carl Icahn is well-known among financial professionals and ranks as one of the world's most famous investors. But you wouldn't have suspected he'd achieve such a feat based on his collegiate experience.in

After graduating from Princeton University with a bachelor's degree in philosophy, Icahn enrolled at New York University's School of Medicine, which he attended for two years before joining the Army Reserve.

Person with hands in front of face and stock market chart superimposed in the foreground.

Image source: Getty Images.

Despite the circuitous route he traveled, which landed him in the finance industry, Icahn has ascended to a legendary status. Unsurprisingly, Main Street investors may find it a worthwhile exercise to learn more about Icahn's career, including his major successes and other ventures.

Primary role

For more than 40 years, Carl Icahn has served as chairman of the board of directors of Starfire Holding Corporation, a privately held holding company, as well as chairman of the boards of Starfire's various subsidiaries.

Since August 2007, Icahn has served as the chief executive officer (CEO) of hedge fund Icahn Capital LP, a wholly owned subsidiary of Icahn Enterprises (IEP -0.59%). In his role, Icahn primarily manages private investment funds, including Icahn Partners LP and Icahn Partners Master Fund LP.

Investment style

Icahn is primarily known for his activist approach to investing. The roots of this can be traced back to the late 1970s when Icahn gained a reputation as a "corporate raider," someone who amasses large stakes in companies to push management to implement measures that will grow shareholder value.

In addition to being an activist investor, Icahn also espouses a contrarian approach to investing, deciding to swim against the tide when he sees fit. Icahn clearly lays out this belief by saying, "You have to buy things where the rest of the world is looking at you and thinking you're a little bit crazy. You're going against the trend. A lot of times, events are overblown. Overblown on the good side, overblown on the bad side."

Icahn also has a bit of the value investor in him, as he identifies investment opportunities that are undervalued. This approach requires Icahn to perform a thorough analysis of a company's fundamentals.

I don't like to start wars. But if somebody wants to start one with me, there's something in me that likes that because I'm really looking forward to going at them.
Carl Icahn

Career highlights

Icahn's foray into activist investing occurred in 1978, when he invested heavily in kitchen stove manufacturer Tappan Company. After securing a position on the board of directors, Icahn succeeded in forcing the sale of the company to Swedish manufacturer Electrolux, netting himself about $3 million.

Another of his well-known activist investor coups occurred in 1985, when he engineered a hostile takeover of Trans World Airlines (TWA). Becoming chairman of the board of directors, Icahn took the company private in 1986, and the airline ultimately filed for bankruptcy in 1992.

His successes in the boardroom are so well-known that investors respond enthusiastically after discovering that Icahn has taken a position in a company. In fact, the phenomenon of a stock rising after investors learn that Icahn himself has bought shares is so consistent that it has been dubbed the "Icahn lift."

Philosophy & legacy

At his core, Icahn is a contrarian who believes that it's important not to follow the herd mentality. In addition, his predilection for activist investing illustrates his conviction that corporate management teams are not always acting in the best interests of shareholders and, as a result, need a little "push" from an external force (such as himself) to extract greater shareholder value.

When future generations study Icahn's career, they will find someone more interested in making money than making friends. Having the reputation of a corporate raider, Icahn acted ruthlessly in the estimation of some, while others recognized him as one of the most fear-inspiring personalities on Wall Street.

Awards, honors, & recognition

Awards, honors, and recognition

Despite Icahn's reputation as an unforgiving corporate raider, he has also distinguished himself as an enthusiastic philanthropist who has earned numerous awards for his charitable work. In 1990, Icahn received the Starlight Foundation Founders Award and the 1990 Man of the Year Award for his work to support young people.

In recognition of his charitable contributions to healthcare, including $200 million in support that he provided to the Mount Sinai School of Medicine, the institution was renamed the Icahn School of Medicine at Mt. Sinai, and the Institute of Genomics was renamed the Icahn Genomics Institute.

Personal notes

Recognized as one of the influences for Gordon Gekko's character in Wall Street, Carl Icahn has other, more direct connections to movies, including the 2022 documentary Icahn: The Restless Billionaire.

Like several of his billionaire peers, Icahn signed the Giving Pledge in 2010. A charitable initiative that seeks to have affluent individuals pledge to give away most of their money during the course of their lifetimes, the Giving Pledge was formed in 2010 by Bill Gates, his then-wife Melinda French Gates, and Warren Buffett.