Carl Icahn

Phillips 66 PSX

Phillips 66's refining-plus-midstream conglomerate trades at a 6.1x discount to an 8.1x SOTP; breaking it up and replacing complacent directors unlocks ~75% upside to $183.

Phillips 66 PSX

Phillips 66 has underperformed Marathon by 511% under a complacent board; electing Elliott's four nominees and spinning Midstream/CPChem/JET unlocks ~75% upside ($103 → $183).

Phillips 66 PSX

Phillips 66's refining/midstream conglomerate has trailed peers 450% since spin; spinning midstream, refocusing refining, and seating four new directors targets 75% upside to $183.

Southwest Airlines LUV

Southwest has the worst margins of any major U.S. airline under a 74-year legacy leadership team; a new outside CEO, refreshed board and modernized commercial strategy can deliver a $49 share price, 77% upside.

Crown Castle Inc. CCI

McDonald's Corporation MCD

McDonald's board broke a 10-year promise to end gestation crates; replace Penrose and Lenny with two ESG experts to fix systemic governance and sustainability failures.

Dell Technologies (Class V / DVMT tracking stock) DVMT

Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.

SandRidge Energy SD

SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.

Xerox Corporation XRX

Xerox's CEO is handing 50.1% control to Fuji 'without spending a penny' for ~$28/share; vote down the deal and replace the board to unlock $54-$64 standalone.

Commvault Systems, Inc. CVLT

Commvault is a product-great but company-broken data management software leader; Elliott (10.3%) demands an operational review, four new directors, and a capital-return program to close a deep valuation discount.

Xerox Corporation XRX

Xerox is languishing under CEO Jacobson and old-guard directors; Icahn is nominating four new directors and demands CEO replacement plus renegotiation of the opaque Fuji joint venture.

Arconic Inc. ARNC

Arconic CEO Kleinfeld's veiled-extortion letter to Paul Singer forces his ouster; Elliott demands independent investigation, removal of complicit directors, and protection from whatever scheme Kleinfeld set in motion.

Icahn Enterprises L.P. (self) IEP

IEP is Carl Icahn's public activist vehicle — a diversified holding company that has compounded at 19.2% since 2000 by buying undervalued businesses and forcing change as a controlling owner.

eBay EBAY

13D Monitor backs Icahn's eBay campaign: the board's Silicon-Valley-insulated directors can't even recognize their conflicts, so Icahn needs two seats and a PayPal spin to fix it.

Time Warner Inc. TWX

Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.