Trump Adviser Dumped Steel Stock Before Tariffs Announcement

Billionaire investor and long-time Trump confidant, Carl Icahn.Screengrab/The New York Times Conferences/YouTube

Billionaire investor Carl Icahn dumped over $30 million shares of a company that relies heavily on steel.

Just days before the Trump administration announced new tariffs on foreign steel, a long-time friend of President Donald Trump sold millions of dollars worth of stock in a steel-dependent company.

Billionaire investor and longtime Trump confidant Carl Icahn dumped $31.3 million of stock in a company heavily dependent on steel last week, just days before Trump announced plans to impose steep tariffs on steel imports.

In a little-noticed SEC filing submitted on February 22, 2018, Icahn disclosed that he systematically sold off nearly 1 million shares of Manitowoc Company Inc. Manitowoc is a “is a leading global manufacturer of cranes and lifting solutions” and, therefore, heavily dependent on steel to make its products.

Just seven days later, the Trump administration announced a 25 percent tariff on steel imports -- an announcement that shook the markets.

Manitowoc stock plunged, losing about 6 percent of its value. Reuters attributed the drop to the fact that Manitowoc is a “major consumer of steel.” As of 10:20 a.m. Friday, the stock had lost an additional 6 percent, trading at $26.21.

Trump and Icahn have been close for some time, and after entering the White House, Trump gave the billionaire an adviser role.

Icahn, a billionaire investor with far-flung holdings, is a close associate of Trump — who invoked Icahn’s name repeatedly on the campaign trail. Once in office, Trump installed Icahn as a “special adviser,” although Icahn did not not unwind his business entanglements before accepting the position.

Icahn no longer serves in any official capacity, having resigned his post in August after it was revealed that he had used his newfound position to protect his own investments.

In an interview on CNBC on Thursday, Icahn appeared to acknowledge at least occasional ongoing conversations with Trump, saying the two had not had “much” interaction in the last four to five months.

Comments
No. 1-1
Terryjordan
Terryjordan

Seems no one's minding the ethics/laws-Martha Stewart went to prison for less! So many scandals that have taken others down just keep coming for trump & his associates.