The inside story of the clash of two of Wall Street's biggest, richest, toughest, most aggressive players -- Carl Icahn and Bill Ackman -- and Herbalife, the company caught in the middle
With their billions of dollars and their business savvy, activist investors Carl Icahn and Bill Ackman have the ability to move markets with the flick of a wrist. But what happens when they run into the one thing in business they can't control: each other?
This fast-paced book tells the story of the clash of these two titans over Herbalife, a nutritional supplement company whose business model Ackman questioned. Icahn decided to vouch for them, and the dispute became a years-long feud, complete with secret backroom deals, public accusations, billions of dollars in stock trades, and one dramatic insult war on live television. Wapner, who hosted that memorable TV show, has gained unprecedented access to all the players and unravels this remarkable war of egos, showing the extreme measures the participants were willing to take.
When the Wolves Bite is both a rollicking, entertaining read--a great business story of money and power and pride.
Two masters of the universe butt heads in this gripping, if narrowly focused, real-life business thriller from Wapner, the host of CNBC's Fast Money. He shares the story of how two famous activist shareholders, hedge fund manager Bill Ackman and activist investor Carl Icahn, clashed over the beleaguered Herbalife, a "multilevel marketing" company that recruits devotees to sell its teas and shakes. After describing how Ackman and Icahn rose to become two of Wall Street's biggest power players, Wapner follows their years-long showdown. In 2012, Ackman accused Herbalife of being a pyramid scheme and shorted its stock, and Icahn countered with a large stake and public declaration of confidence in the company, beginning a feud that captivated the business world. Weathering distrust from Wall Street, lawsuits and FTC investigations, and falling shares, Herbalife survived but the outcome of Ackman and Icahn's war remains less clear. Although Icahn beat Ackman in the end, Wapner finds it uncertain whether either came out the better. Told in a breathless, urgent style, this is a trenchant business drama that brings life to its characters and will mostly appeal to business buffs.