Trump confidant dumped millions in steel-related stock last week, days before tariff announcement

[kpete]

BREAKING: Trump confidant dumped millions in steel-related stock last week, days before tariff announcement

Billionaire investor and longtime Trump confidant Carl Icahn dumped $31.3 million of stock in a company heavily dependent on steel last week, just days before Trump announced plans to impose steep tariffs on steel imports.

In a little-noticed SEC filing submitted on February 22, 2018, Icahn disclosed that he systematically sold off nearly 1 million shares of Manitowoc Company Inc. Manitowoc is a “is a leading global manufacturer of cranes and lifting solutions” and, therefore, heavily dependent on steel to make its products.


The filing came just seven days before a White House event where Trump announced his intention of imposing a 25 percent tariff on steel imports.

Trump’s announcement rattled the markets, with steel-dependent stocks hardest hit. Manitowoc stock plunged, losing about 6 percent of its value. Reuters attributed the drop to the fact that Manitowoc is a “major consumer of steel.” As of 10:20 a.m. Friday, the stock had lost an additional 6 percent, trading at $26.21.

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[dalton99a]

1. Kick

[Lindsay]

2. Merely a coincidence,

I'm sure.

[Caliman73]

3. Didn't Martha Stewart do time in Prison for the same thing?

She spent 5 months in prison and 2 year of probation for selling $230,000 in Imclone stock on a tip, before their stock fell after the FDA denied one of their drugs.

How is this different? The man needs to go to prison.

[SoCalMusicLover]

7. Drumpf Is The King

Royalty does not go to prison.

[sinkingfeeling]

12. My first thought as well.

[SoCalMusicLover]

4. It's OK, He Did Not Shoot Someone On 5th Avenue

Although that would be fine as well. No biggee.

[pandr32]

5. K & f-ing R

[smirkymonkey]

6. Oh, this does not look good for him.

The only way it could have looked worse is if he had shorted the stock.

[MineralMan]

8. Oh, a coincidence, no doubt.

Yup. Must be.

[Takket]

9. what great timing!!!!

[Kirk Lover]

10. Did this asshole think that nobody would notice? LOCK THEM ALL THE FUCK UP.

[wishstar]

11. I had just told someone yesterday that I wondered which Trump buddies sold steel stock last week

knowing that Trump was going to make a sudden announcement this week

[NotASurfer]

13. I'd've thought Russian oligarchs would be the ones doing that

By now, I can believe that it would just take a "drive your manipulatable stock market down for me" phone call from Pootie to make it happen.

Next week the tariff idea goes by the wayside and they can swoop in to buy at discount