Billionaire investor Carl Icahn disclosed Monday that he spent $19.1 million to buy 372,324 more shares of Herbalife Ltd., just as the stock was falling to a 2-month low. An S-4 filing with the Securities and Exchange Commission showed that Ichan bought the stock Friday at $51.35, to boost his stake in the nutrition and weight management company to 22.9 million shares, or 24.6% of the shares outstanding. The stock, which had tumbled 16% over the previous three weeks, was headed for a seventh-straight drop on Friday, falling as much as 2.3% intraday before bouncing to close up 0.7%. Icahn is by far Herbalife's biggest shareholder, and runs counter to billionaire investor William Ackman's bearish call on the company. Ackman said he has bet $1 billion that Herbalife's stock will fall, calling the company a "pyramid scheme." Herbalife's stock, which surged 1.4% in premarket trade, has lost 8.3% over the past 12 months, while the S&P 500 has gained 17%.
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