It’s very possible that billionaire investor Carl Ichan knows a thing or two about the stock market. It’s also possible that Donald Trump’s one time adviser knew that an announcement about steel tariffs was coming, and that the announcement would send the stock market into a tumble. Either way, Ichan’s latest move has raised eyebrows in the investment community after disclosing a multi-million dollar sell-off in shares of a construction company reliant on steel just weeks before the president announced a 25% tariff on steel imports.
ABC News (@ABCNews) reports, Former special adviser to the president, Carl Ichan, disclosed in a February 22nd SEC filing that his companies had shed a $31.3 million stake in Manitowoc. According to the company website, Manitowoc is “a leading manufacturer of cranes and lifting solutions with manufacturing, distribution, and service facilities.”
Manitowic’s share value dropped 6% on Thursday after President Trump’s steel tariffs announcement, and on Friday shares hovered around $26. When Ichan sold his shares in February, Manitowic shares were trading between $32-$34. It has been reported that Manitowic was a stock Ichan brought and held onto for three years without selling a single share. Then suddenly, in February of this year, he dumped a significant amount of his shares of Manitowic…….a company that is heavily dependent on imported steel…….imported steel that Trump was about to make an announcement about tariffs being placed upon. An announcement that would surely effect Manitowic’s share price….Sounds shady to me, but then again, I’m no expert in the stock market.
Ichan served as special adviser to Trump until he resigned in August of 2017. In his resignation letter, Ichan shot down claims that being close to the president and having access to certain information had benefited his investment holdings.
“I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest. I never sought any special benefit for any company with which I have been involved, and have only expressed views that I believed would benefit the refining industry as a whole.”