Carl Icahn Slashes Stake in Chesapeake Energy (CHK) to 4.55%, Citing Tax Purposes

September 19, 2016 4:30 PM EDT

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In a 13D filing on Chesapeake Energy (NYSE: CHK), hedge fund manager Carl Icahn disclosed a 4.55%, or 35,344,000 share, stake in the company. This is down 51.62% from the 73,050,000 shares held at the end of the latest quarter ending June 30, 2016.

In a statement on the sale, Icahn said:

"We believe that over the last few years Doug Lawler and his team have done an admirable job, especially in light of the circumstances. We reduced our position to recognize a capital loss for tax planning purposes."

For more notable holders of Chesapeake Energy stock click here. For more information on Carl Icahn click here.

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