Trump Friend Carl Icahn Dumps Millions In Steel-Related Stock Days Before Tariff Announcement

NEW YORK, NY - NOVEMBER 03: Chairman of Icahn Enterprises Carl Icahn participates in a panel discussion at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015 in New York City. (Photo by Neilson Barnard/Getty Images for New York Times)

Carl Icahn, long a friend and business associate of Donald Trump made an interesting stock move recently. Just before the President announced tariffs on imported steel and aluminum, Icahn sold his stake in the Manitowoc Company, which uses a lot of steel and could be hurt by tariffs.

From The Washington Post:

A Feb. 22 SEC filing shows Icahn sold off his $31.3 million stake in the Manitowoc Company, which is a leading global manufacturer of cranes for heavy construction based in Manitowoc, Wis., according to the company’s website. Since Trump’s announcement Thursday, Manitowoc’s stock has plummeted to about $26.

1. Wow, Trump confidant Carl Icahn is such a LUCKY GUY.

Right before Trump announces a steel tariff that tanks manufacturing stocks, he dumped 1 MILLION SHARES of the one of the companies that was hardest hit.

Such a fortunate coincidence.https://t.co/HL4wYHivLY

— Judd Legum (@JuddLegum) March 2, 2018