Activist Updates: 27 Jobs Lost in Countdown to Icahn’s Miami Move

December 12, 2019 | Activist Updates

Icahn Capital Management is laying off 27 people in New York.

Billionaire activist investor Carl Icahn is moving to Miami in a bid to lower his tax bill. As previously reported, Icahn will relocate to Miami by March 31, and any employees unwilling to move with him would be laid-off. It’s crunch time, and it appears that 27 employees have opted for the Big Apple over Magic City. Icahn Capital L.P. has therefore filed for 27 layoffs.

Of those, 19  layoffs are at Icahn’s 767 Fifth Avenue office, and eight at Westchester County according to a company filing with the state Labour Department earlier this month. Employees remaining with Icahn and moving to Miami would receive a relocation benefit of $ 50,000.

Both offices are scheduled to shut on or before March 31, 2020

Icahn’s relocation and layoffs

Florida is one of seven US states that do not levy a personal income tax. On the other hand, New York’s personal taxation rate is 8.82%. The relocation would, therefore, mean substantial savings for Icahn.

He has owned a mansion in the wealthy Indian Creek island enclave on Biscayne Bay in Miami since the 1990s. He will work out of a suburban office about 5 miles from this mansion.

Icahn Enterprises LP has a market value of $13 billion. During the first nine months of this year, it reported a net loss of $922 million. Therefore, the layoffs may not really be such a bad thing!

As of September 30, it had $21.5 billion in assets under management.

[Related Story:  Carl Icahn Takes Stake in HP, Pushes for Xerox Merger]

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