Shares of Herbalife are rallying today after they tanked more than 10% going into Monday's close on a rumor that Carl Icahn might be unwinding his position.
Fox Business Network's Charlie Gasparino Tweeted that Icahn has not sold a single share or taken an options position.
The stock was last trading up about 7.9% on Tuesday around $43.39 per share.
Herbalife, a multi-level marketer that sells nutrition products, has been at the center of a hedge fund war for nearly 20 months.
Bill Ackman, who runs Pershing Square, has been very loudly and publicly short the company. He made his $1 billion short position public back in December 2012. It's his belief that Herbalife operates as a "pyramid scheme" that targets poor people. His investment thesis is predicated on regulators, specifically the Federal Trade Commission, shutting the company down. Back in March, the FTC opened a probe into the company.
Within weeks of Ackman's presentation, Icahn, a long-time rival, snapped up a large long position. The two hedge fund titans later engaged in nasty, on-air brawl on CNBC. Icahn had also admitted that the fact that he doesn't like Ackman was one reason why he decided to take a look at investing in the company in the first place. This summer, Icahn and Ackman reconciled with a hug at a conference.
Icahn currently owns 17,000,000 shares of Herbalife, according to regulatory filing data compiled by Bloomberg.
Check out the chart for the last five trading sessions:
