Ex-Trump adviser sells shares before steel tariff news hits stock
In this Oct. 11, 2007 file photo, private equity investor Carl Icahn speaks at the World Business Forum in New York. (Mark Lennihan/AP Photo)
SAN FRANCISCO -- Billionaire investor Carl Icahn sold nearly 1 million shares of stock in a company tied to the steel industry leading up to U.S. President Donald Trump's decision to impose costly tariffs on steel and aluminum imported into the U.S.
Icahn also has ties to Trump; he was an unpaid adviser to the president before resigning last August.
A recent regulatory filing disclosed Icahn sold $31.3 million worth of stock in crane manufacturer Manitowoc Co. last month. Manitowoc could be hurt by Trump's tariffs, a threat that caused the company's shares to drop by 9 per cent to $26.93 since the president's announcement.
Icahn sold his Manitowoc stock at prices ranging from $32.47 to $34.31 from Feb. 12 to Feb. 22.
Icahn's office didn't immediately respond to a request for comment on Saturday.