Billionaire Carl Icahn argues firm boards do not do sufficient to carry dangerous CEOs accountable.
Bloomberg through Getty Pictures
The US economic system’s battle with rampant inflation is not less than partially attributable to poor management from “horrible” CEOs at huge corporations, based on the billionaire activist investor Carl Icahn.
Icahn, 86, lashed out at dangerous bosses forward of the Tuesday premiere of the HBO documentary “Icahn: The Stressed Billionaire.” In a sequence of tweets, the well-known financier ripped alleged company mismanagement that, he argued, has contributed to instability and prevented the economic system from reaching its full potential.
He didn’t element particularly how the dangerous CEOs had been stoking inflation, apart from to say corporations weren’t working at their best due to their alleged dangerous decision-making.
“A significant cause for my participation within the movie was that I wished to convey the next message: There are a lot of good CEOs and boards, however there are far too many horrible ones which might be hurting our economic system,” Icahn tweeted.
“Regardless that we've got nice firms, the boards of those corporations don’t maintain their CEOs accountable, and we're due to this fact not almost as productive as we needs to be, which is a serious cause for inflation and the wealth hole,” the billionaire argued.
Inflation reached a four-decade excessive of seven.5% in January, based on the Labor Division’s Client Value Index.
Prime US financial officers have largely blamed the surge in costs on supply-chain disruptions which were slower to resolve than initially anticipated, with a nationwide labor scarcity additionally contributing to the disaster.
Icahn didn't single out any CEOs or board chairs by identify in his Twitter diatribe, however the billionaire has constructed his status by agitating for change at main corporations through which he has invested.
Icahn has a private web price of almost $17 billion, based on Forbes.
The billionaire as soon as held a ten% stake in Netflix and floated the concept that the streaming big ought to promote itself to a different tech agency. Icahn earned almost $2 billion on the funding.
He additionally engaged in high-profile battles involving corporations like Time Warner and Marvel.
“Activist or raider, name me what you need, I made this cash as a result of the system is so dangerous, not as a result of I’m a genius,” Icahn says within the trailer for the HBO documentary, which options an look from a fellow billionaire, Microsoft co-founder Invoice Gates.
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