3. Carl Icahn’s Blockbuster blunder
Carl Icahn is one of Wall Street’s most successful investors, rocking a net worth of $17.5 billion, but even the most famous investors in the world can make catastrophic errors of judgment, and Icahn is no exception.
Back in 2004, Carl Icahn put $191 million in the Blockbuster video rental chain, which was valued at $5 billion at the time, had thousands of stores in the US and a workforce of 84,300. But the company was in serious trouble, because Netflix, unlike Icahn, knew more about customers demand and that pretty much ruined the business.
