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Herbalife Sinks After Largest Shareholder Carl Icahn Cashes out a Chunk of his Holdings (HLF)(Business Insider)
Carl Icahnis inching his way out of his Herbalife position. The activist hedge fund billionaire’s firm, Icahn Enterprises, said in a filing on Friday that it was tendering up to 11.4 million of the company’s shares.

That marks a roughly 25% divestiture of the 45.7 million shares the firm currently owns, although it remains the largest shareholder. Herbalife’s stock tumbled on the news, falling as much as 8%. Shares are still up 49% for the year.