Trump Adviser Sold $31M in Steel Stock Just Before Tariffs Announced
The billionaire investor and Trump special adviser during the campaign may have used insider information to sell off his shares before they plummeted in value.
Brace yourselves for a shock: There appears to be corruption related to financial dealings inside of the Trump White House
I know, I know. It’s almost impossible to believe but it appears to be true. Carl Icahn, a former special adviser to Donald Trump, sold $31.3 million worth of shares in a company heavily dependent on steel imports just before Trump’s announcement of new tariffs on steel–which sent shares of the company plunging.
Icahn was a major Trump supporter who advised then-candidate Trump on economic issues, but resigned from that position admid concerns about potential conflicts of interest relating to his vast business holdings. Icahn started selling his shares in a company called Manitowac Company on Monday, February 12, just days before Trump announced his steel tariffs.
According to a regulatory filing, Icahn sold his shares for $32 – $34, by Friday those same shares had fallen nearly 6% to just over $26. The loss in value was similar to the losses experienced by Boeing, Caterpillar and other companies dependent on steel imports.
Trump has argued that the tariffs are necessary to protect US jobs. Writing on Twitter that the US steel industry was in bad shape, and “if you don’t have steel, you don’t have a country.”
The announcement has rattled stock markets worldwide and stoked fears of a trade war with the EU and China. China has said they are considering retaliation against the US.
Icahn, who is worth $17 billion according to Forbes, released a comment through his investment firm which stated “Any suggestion that we had prior knowledge of the Trump administration’s announcement of new tariffs on steel imports is categorically untrue.”
March 20, 2018
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