Home / World News / Big short: How Carl Icahn made $1.3 bn as malls closed down due to Covid-19

Big short: How Carl Icahn made $1.3 bn as malls closed down due to Covid-19

There is something discomfiting about the idea of getting fantastically rich off someone else's misfortune, which is what happens when a "short" trade - or bet against a stock or industry - succeeds

Shopping is no longer only about the transaction. Instead, it is about creating an atmosphere and experience

Premium

The coronavirus pandemic, which prompted stay-at-home orders, increased the financial strain on malls by choking off much-needed foot traffic and cash flow.

Kate Kelly | NYT

9 min read Last Updated : Aug 25 2020 | 10:32 AM IST

Catie McKee was nervous. It was last October, and the 31-year-old hedge fund analyst, who had been scrutinising the mortgages on the nation’s malls, was convinced that some of those malls would default on their loans. She and her colleagues had even bet a substantial amount of money on that likelihood.

Ms. McKee was about to make her case to Carl Icahn, one of the country’s best-known investors, who had made a similar wager and invited her team to discuss the trade. Nothing would bolster her confidence — and the prospects for her trade — more than if the billionaire

Topics : Coronavirus Carl Icahn retail malls e-commerce market

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in