When the Wolves Bite

February 12, 2018
Two masters of the universe butt heads in this gripping, if narrowly focused, real-life business thriller from Wapner, the host of CNBC’s Fast Money. He shares the story of how two famous activist shareholders, hedge fund manager Bill Ackman and activist investor Carl Icahn, clashed over the beleaguered Herbalife, a “multilevel marketing” company that recruits devotees to sell its teas and shakes. After describing how Ackman and Icahn rose to become two of Wall Street’s biggest power players, Wapner follows their years-long showdown. In 2012, Ackman accused Herbalife of being a pyramid scheme and shorted its stock, and Icahn countered with a large stake and public declaration of confidence in the company, beginning a feud that captivated the business world. Weathering distrust from Wall Street, lawsuits and FTC investigations, and falling shares, Herbalife survived—but the outcome of Ackman and Icahn’s war remains less clear. Although Icahn beat Ackman in the end, Wapner finds it uncertain whether either came out the better. Told in a breathless, urgent style, this is a trenchant business drama that brings life to its characters and will mostly appeal to business buffs.