Jonathon Trugman

Jonathon Trugman

Business

From zero to hero, Icahn looks like Rocky

Icahn has made a name for himself — and put about $20 billion in the bank — by taking down corporate blowhards, conflicted bullies and self-dealing entrenched boards.

His style is quintessentially New York: Rough, tough, brilliant and street-smart from his days of growing up in Far Rockaway.

The 78-year-old’s record in the boardroom is legendary.

Not every deal the all-time champion of activist investing has done has worked, but do the math: From zero to $20 billion is a good track record.

Icahn’s latest battle is taking place in Silicon Valley, against eBay and its cozy relationship with its board and one member in particular, Marc Andreessen.

Andreessen, 42, weighing in at about $700 million in the blue hoodie, is both loved and hated in the valley for cutting himself in on some very good deals.

Icahn has accused Andreessen of “pre-empting” eBay’s planned initial public offering for Skype by buying 65 percent of it as part of an investor group from eBay in 2009 for a valuation of less than what eBay paid for it.

Andreessen and his investors flipped their 65 percent Skype stake, along with eBay’s remaining 35 percent, to Microsoft just 20 months later, at a valuation of $8.5 billion, netting Andreessen and pals $4 billion.

Icahn’s point, which is tough to argue against, is that eBay’s shareholders would have been better served if eBay had kept the whole company and waited until a later date to sell it.

The math proves this out. EBay shareholders would have made $4 billion by holding onto Skype for 20 months instead of a board member and his investment group grabbing the cash.

While this brawl has barely begun, these two fighters are battling for different things.

As an eBay board member, Andreessen is fighting for his own interests. He’s also a big proponent of bitcoin, which could ultimately become a PayPal competitor as a digital payment system.

Icahn is still fighting for all shareholders’ interests.

The difference is a noble one, even if it looks a bit like Fight Club now.