Troubled publisher Take-Two has seen a positive rise in its stock price after an SEC filing revealed that billionaire investor Carl Icahn has purchased 800,000 shares in the company.
Icahn currently ranks in 24th place on Forbes Magazine's list of the 400 richest Americans, having netted a fortune estimated at US$8.5 billion. He has a reputation for investing in companies and then lobbying for changes which would positively affect the firm's share price, or forcing management to buy him out at a profit.
According to the SEC filing, Icahn now owns 1.1 per cent of Take-Two. News of his investment has already boosted the company share price to US$11.56, up from an estimated US$10.82.
It is unknown at present what plans Icahn has for affecting change at Take-Two, although the publisher's recent slew of legal wrangles, SEC and FTC investigations and a Grand Jury subpoena has left many questions regarding its corporate management unanswered. It's thought that Icahn's investment may prompt a closer internal examination of Take Two's practices.