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Icahn Enterprises history
Icahn Enterprises company history timeline
The company was incorporated on February 17, 1987.
In 1988, after obtaining a Canadian passport, Musk left South Africa because he was unwilling to support apartheid through compulsory military service and because he sought the greater economic opportunities available in the United States.
In 1990 Icahn purchased shares in American Real Estate Partners (AREP). He gradually took control and made the company his investment vehicle.
In 1995 he founded Zip2, a company that provided maps and business directories to online newspapers.
In 1999 Zip2 was bought by the computer manufacturer Compaq for $307 million, and Musk then founded an online financial services company, X.com, which later became PayPal, which specialized in transferring money online.
The online auction eBay bought PayPal in 2002 for $1.5 billion.
In 2002 he founded Space Exploration Technologies (SpaceX) to make more affordable rockets.
In 2004 he started a hedge fund, Icahn Partners.
In 2006 Tesla introduced its first car, the Roadster, which could travel 245 miles (394 km) on a single charge.
In 2006, the company sold the Sands Atlantic City hotel in Atlantic City, New Jersey and several of the adjacent lots for $274.8 million to Pinnacle Entertainment.
In April 2007, the company sold its American Casino & Entertainment Properties to an affiliate of Goldman Sachs, for $1.3 billion.
In 2008, the company acquired PSC Metals for $335 million.
The company had acquired the property in 2010 for $148 million.
The company won further praise for its Model X luxury SUV, which went on the market in 2015.
In February 2016, Icahn Enterprises purchased Trump Entertainment Resorts, which owned the Hard Rock Hotel & Casino Atlantic City.
Also in February 2016, the company acquired Pep Boys.
Icahn was an early supporter of Trump in the 2016 presidential race, and, after Trump won the election and took office, Icahn became his “special adviser” on issues pertaining to regulatory reform.
In January 2017, the company acquired Federal-Mogul.
The company sold the casino to the owners of Hard Rock Cafe for $50 million in May 2017 - which represented a recuperation of just 4 cents on the dollar.
However, concerns over potential conflicts of interest began to mount, and Icahn stepped down in August 2017, shortly before publication of an article that claimed he had pressed for a regulatory change that would have financially benefited one of his investments.
In October 2020, Carl Icahn announced his son Brett would succeed him as chairman of Icahn Enterprises and CEO of its investment subsidiary Icahn Capital LP.
In November 2020, Icahn Enterprises reported third quarter losses of $714 million, compared to a loss of $49 million the same quarter the previous year.
SpaceX also developed the Dragon spacecraft, which carries supplies to the International Space Station (ISS). Dragon can carry as many as seven astronauts, and it had a crewed flight carrying astronauts Doug Hurley and Robert Behnken to the ISS in 2020.
Early in April 2022, Twitter’s filings with the SEC disclosed that Musk had bought more than 9 percent of the company.
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Zippia gives an in-depth look into the details of Icahn Enterprises, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Icahn Enterprises. The employee data is based on information from people who have self-reported their past or current employments at Icahn Enterprises. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Icahn Enterprises. The data presented on this page does not represent the view of Icahn Enterprises and its employees or that of Zippia.
Icahn Enterprises may also be known as or be related to Icahn Enterprises LP, Icahn Enterprises and Icahn Enterprises L.P.