Carl Icahn's day just keeps getting worse
(Reuters)
Carl Icahn is having a bad day.
First he announced that he would be leaving Atlantic City after spending $100 million since March to revitalize the Trump Taj Mahal.
Then his firm, Icahn Enterprises, reported a second-quarter net loss of $69 million on revenue of $4.4 billion.
From the beginning of the year to June 30, the company brought in $7.5 billion in revenue and a net loss of $906 million. At the same time last year, IEP brought in $9.5 billion in revenue and $373 million in income.
We should note, though, that this year IEP took a $334 million noncash charge for overstating the value of goodwill in its energy segment.
And it's Icahn's bet on energy that has given him the most grief over the last year or so. In September, energy was the third-largest segment in Icahn's portfolio, ultimately including bets on Cheniere, Freeport-McMoRan, and Chesapeake Energy.
In May, Standard & Poor's cut the investment firm controlled by Icahn to junk status.
Icahn will host a call for investors at 10 a.m. Eastern to discuss these results.
NOW WATCH: MALCOLM GLADWELL: ‘Anyone who gives a single dollar to Princeton has completely lost their mind'
More From Business Insider
