Icahn Dumps $600 Million In Herbalife Back To The Company, Will Surrender 5 Board Seats Icahn Dumps $600 Million In Herbalife Back To The Company, Will Surrender 5 Board Seats About 8 years after Carl Icahn famously entered the Herbalife fray, spurring a short squeeze that helped decimate Bill Ackman's now-infamous $1 billion short against the company, Icahn appears to be making his exit. Icahn reportedly will be selling $600 million worth of his stake back to Herbalife and, as a result, will be relinquishing his 5 board seats. The company will be buying back the massive chunk of stock using cash on hand and its credit facility. The transaction is set to close by January 7, 2021. An Herbalife PR put out Sunday night said: Herbalife…today announced that on January 3, 2021, it entered into an agreement to repurchase approximately $600 million of the Company’s common shares beneficially owned by Carl C. Icahn and certain of his affiliates, at a purchase price of $48.05 per share , the closing price of Herbalife Nutrition’s common shares on December 31, 2020, the last trading day prior to the execution of the purchase agreement.