Carl Icahn to cut Oxy stake, remain on board of directors

By Simon Casey on 3/14/2021
Carl Icahn
Carl Icahn

(Bloomberg) --Billionaire investor Carl Icahn, the third-largest shareholder in Occidental Petroleum Corp., plans to cut his $2.71 billion stake by up to one-third while remaining on the oil company’s board.

Icahn’s trading plan was disclosed Friday in a filing. He currently holds 88.6 million Occidental shares, according to data compiled by Bloomberg.

“While we still believe in Occidental, our investment has become somewhat of an outsized position in our investment portfolio, and as a result, we believe it is prudent to reduce the size of our position to rebalance our portfolio,” Icahn Capital LP said in the filing.

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