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BOSTON (Reuters) – Billionaire investor Carl Icahn said on Friday that he sold some of his shares in Herbalife (HLF.N) as the nutrition and weight loss company bought back some of its own shares because the position had become too within Icahn’s portfolio.
“Given that our Herbalife investment has become an outsized position, representing approximately 24 percent exposure to total NAV (net asset value), it is only prudent for IEP to reduce its exposure,” Icahn said in a statement. Icahn however remains the company’s largest shareholder.
Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama
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