Carl Icahn, the billionaire investor who sold the Trump Taj Mahal in Atlantic City week that is last Hard Rock Global, can also be a casual economic advisor to President Donald Trump.
Carl Icahn has added much wealth to his portfolio in the stock market since his friend became president, but now the billionaire believes a retraction is in store.
The commander-in-chief that is 45th his billionaire pal is ‘innately in a position to predict the future’ as it relates to economies. If that is correct, investors might be smart to adhere to Icahn’s lead in betting contrary to the surging Dow Jones and NASDAQ composite indexes.
Icahn, whose holdings include Trump Entertainment Resorts, is worth around $17 billion. But Icahn Enterprises is betting against the continued rally on Wall Street.
CNN Money states that Icahn is shorting 1.3 stocks for every one share he is purchasing. Shorting stocks is the activity of committing to purchasing shares at a date that is later. Icahn wins if the company loses value between now and also the purchase date.
‘I have always been concerned at this aspect that the market has run ahead of itself,’ Icahn told the news outlet that is financial.
The areas have been on a run that is strong Trump won the presidency, but now his economic advisor is hedging his bets for a correction. But not all of Trump’s casino bros are pessimistic on the economy.
Steve Wynn, who is the newly tappe Læs videre “White House Economic Advisor Carl Icahn Bearish on Inventory Marketplace”