Skift Take
Icahn's stake in JetBlue now makes him the third-largest investor in the airline.
JetBlue’s stock fell by nearly 50% in the past year as it reeled from the loss of its merger with Spirit Airlines and declining revenues.
Enter Carl Icahn.
The activist investor reported a 9.1% stake in JetBlue, saying he believed the airline’s shares were undervalued in a regulatory filing Monday night. JetBlue shares rose by more than 16% after news of Icahn’s stake became public.
Icahn is also seeking board representation, according to the filing. The stake now makes Icahn the third-largest investor in JetBlue, following BlackRock and Vanguard.
The activist investor has made billions from acquiring stakes in struggling companies.