Wallstreet investor Carl Icahn has sold a large portion of its shares in Herbalife Nutrition. The billionaire's company, Icahn Enterprises, sold 14.7 million shares worth about $ 716 million, according to the Los Angeles Business Journals. Despite the sale, Icahn remains Herbalife's largest investor with 20.5 million shares, equivalent to 15.5% of the total number of shares outstanding.
The sale came through a modified Dutch auction at which Herbalife agreed to buy back shares valued at $ 750 million. Modified Dutch auctions enable companies to buy back a certain number of shares within a given price range in a short period of time.
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