Bill Ackman Leads Robin Hood Contest After Shorting Icahn's Company
Bill Ackman leads the Robin Hood Foundation's stock-picking contest with a 112.5% return, primarily due to his short position on Carl Icahn's holding company, Icahn Enterprises (NASDAQ: IEP). This strategic move comes despite Icahn's recent investment in Caesars Entertainment.
Business man, stern crossed arms
The charitable contest, which began October 28 and runs through April, requires participants to donate $10,000 and make two stock picks - one long and one short. Ackman's performance significantly outpaces the second-place contestant, who achieved 63.1% returns.
While Icahn recently acquired a 2.44 million share stake in Caesars Entertainment, Ackman's short position targets Icahn Enterprises rather than Caesars directly. Notably, Icahn previously played a crucial role in orchestrating the $17.3 billion Eldorado Resorts acquisition of Caesars in 2019.
The Ackman-Icahn rivalry dates back to 2013, centering on Herbalife investments, where Ackman's short position clashed with Icahn's long position. Though their relationship was initially contentious, including a heated CNBC exchange where Icahn called Ackman a "crybaby," they reconciled in 2014.
Other notable participants in the Robin Hood contest include:
- Michael Fitzsimmons of Eminence Capital, who selected Melco Resorts (NASDAQ: MLCO) as his long position
- David Einhorn of Greenlight Capital, an investor in Penn Entertainment
- Rickey Sandler of Eminence Capital, who holds stakes in Entain Plc
The contest highlights the ongoing dynamics between major Wall Street figures while supporting the Robin Hood Foundation's mission to combat poverty in New York City.
Related Articles
Flutter Starts $350M Share Buyback Program, First Phase to End March 2025
