The name Carl Icahn still has material cachet on Wall Street, though some of his most public investment battles happened decades ago. Icahn Enterprises (NASDAQ: IEP) is Carl Icahn's publicly traded investment vehicle. It has a huge 23% distribution yield. Don't get too caught up in that yield, however. The real story is much bigger and more complicated. Here's why investing alongside Carl Icahn could make you a millionaire and why it might not.

Icahn Enterprises isn't trying to hide anything. It's very clear in the company's most recent investor presentation that "IEP is majority owned and controlled by Carl Icahn." It even goes so far as to explain that, "As of March 31, 2024, Carl Icahn and his affiliates owned approximately 85% of IEP's outstanding depositary units."

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Source Fool.com