Billionaire Carl Icahn Takes 14.8% Stake in Monro, Shares Jump 18%
Carl Icahn has positioned himself as Monro Inc.'s largest individual shareholder with a 14.8% stake, triggering an 18% surge in the auto service company's stock. The activist investor acquired 4.44 million shares through his investment vehicles, surpassing BlackRock's 14.11% holding.
Monro's stock had declined over 40% year-to-date prior to Icahn's investment, plagued by shrinking same-store sales and rising labor costs. The MOVE marks Icahn's return to the automotive sector after divesting Icahn Automotive Group last year during his corporate restructuring.
Icahn Enterprises continues navigating fallout from Hindenburg Research's short report, which pressured both the conglomerate's shares and Icahn's personal financing arrangements. Market observers now watch whether the billionaire will seek operational changes at the struggling Midas competitor.
