Carl Icahn takes stakes in Crown Holdings, Twitter in Q3

Mat Szwajkos

Carl Icahn took a new stake of about 1.04M shares in beverage can maker Crown Holdings (CCK) in Q3, while exiting his stake of more than 11M shares in commercial foodservice equipment maker Welbilt.

The billionaire activist investor disclosed the information in his latest 13F filing for the three months ended Sept. 30, 2022, published after hours on Monday.

Icahn also took a stake of around 12.53M shares in Twitter (TWTR) in Q3. The social media platform was taken private by Tesla (TSLA) CEO Elon Musk in late October after the third quarter ended. WSJ had reported that Icahn may have made a profit of over $250M on the Twitter stake.

Icahn's exit in Welbilt was likely due to the completion in July of its deal to merge with Italy's Ali Group.

Icahn had already disclosed his stake in Crown Holdings (CCK) earlier this month. The billionaire believes the company is "undervalued" and is reportedly said to want CCK to jettison noncore businesses and repurchase stock.

Among other changes in his portfolio, Icahn cut his stake in Cheniere Energy (LNG) by 62.4% to ~2.11M shares.

Icahn also raised his holdings in Southwest Gas (SWX) by nearly 30% to about 6.61M shares.

Stakes in companies such as Bausch Health (BHC), Bausch + Lomb (BLCO), Xerox (XRX) and CVR Energy (CVI) - which Icahn last week called his favorite stock - were unchanged.