For the third time since August, activist investor Carl Icahn has expanded his role as the largest shareholder in Norwalk-headquartered Xerox Holdings Corp.
According to a MarketWatch report, he boosted his holdings to 17% by buying more than 4 million shares of Xerox. Icahn”™s holdings now total nearly 27.5 million shares.
In November, Icahn raised his stake from 12.82% to roughly 14.4%. Last August, he increased his holdings from 12.48% to 12.82%.
Icahn”™s acquisition of additional Xerox stock occurred as he sold off his entire stake in Caesars Entertainment Corp. and decreased his holdings of Herbalife Nutrition Ltd. Icahn also acquired approximately 5 million shares of Bausch Health and 3.9 million shares of Dana Inc.
Xerox is a scary place right now. Customers have no toner or service and millions of customers have not billed correctly in months. Customers are leaving in droves like I have never seen before. I doubt Xerox will still be a company by the end of the year.