Icahn loosens his grip on JetBlue as profitability continues to elude the airline
Just as JetBlue Airways' CEO Joanna Geraghty began her tenure at the helm of the carrier in early 2024, aviation industry power broker Carl Icahn took a major stake in the airline, with two of his associates becoming board members.
Fast forward two and half years and Mr Icahn's stake has fallen to a level that triggered a loss of two board seats as JetBlue works to regain profitability after years of mounting losses.
At the time Icahn spent USD119.75 million to invest in JetBlue he stated the airline's shares were undervalued, and represented an attractive investment opportunity.
While there's been no formal explanation for Mr Icahn's reduction in ownership, perhaps the investment calculus has changed.
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