Carl Icahn’s investment fund posted its first loss since the economic crisis of 2008.
Icahn Enterprises reported a loss of 7.4% and an adjusted net loss of $221 million in 2014. The billionaire’s fund suffered from the sharp decline in crude oil prices that hit the energy industry late last year.
The company’s 2014 fourth-quarter losses amounted to $478 million. Icahn held large stakes in Transocean (RIG), Talisman Energy (TLM) and Chesapeake Energy (CHK). Icahn Enterprises also owns part of CVR Energy (CVI).
The fund posted $1 billion of net profit. in 2013.
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