Icahn was obligated to post more collateral as the value of IEP's stock dropped. The share price milestones that triggered these obligations have not been disclosed. Icahn, who elects to take his dividend in IEP stock rather than cash, called Hindenburg's report "self-serving" and vowed to "fight back." A requirement for Icahn to post more collateral is now tied to IEP's indicative net asset value, rather than IEP's share price, according to the filings. In the amended loan agreement, Icahn agreed to provide additional collateral of $2 billion from his personal funds and 320 million IEP shares.

Source: Wall Street Journal July 10, 2023 10:12 UTC