Monday’s ugly open is turning into an especially horrible experience for billionaire investor Carl Icahn.
Icahn holds 73 million shares of Chesapeake Energy, which fell more than 50% on a news report that it had hired a team of lawyers to restructure its debt.
The stock, which has been halted, is down 64% year-to-date.
Icahn started buying commodities and energy stocks like Chesapeake in earnest last summer, growing his stake in Cheniere and buying an 8.5% stake in the miner Freeport-McMoRan.
As Business Insider’s Portia Crowe pointed out last month, that hasn’t worked out so well for him in general. Take those two stocks alone as an example:
- Cheniere fell 6.25% in Monday’s trading and is down 35% year-to-date.
- Freeport-McMoRan is up 1.23% in Monday’s trading but is down 14% for the year.
As of September, energy stocks were the third-largest sector holding in Icahn’s portfolio.
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