Carl Icahn Migrates Hedge Fund to Miami, Leaving Employees with Few Options
Oct 09, 2019 October 09, 2019
News has it that billionaire investor Carl Icahn, whose net worth is over $20 billion according to Forbes, is joining the exodus of affluent New Yorkers and relocating his publicly traded company Icahn Enterprises to Miami in March of 2020. Furthermore, his employees have been given a simple cut and dry option: join us in Miami or bust.
Icahn released the news that he’ll be closing down shop at his offices in New York City and White Plains as of March 31, 2020, and resuming business as usual on April 1st in Miami. A letter penned to his staff read, "My employees have always been very important to the company, so I’d like to invite you all to join me in Miami."
Enticing Terms of Relocation
Icahn made the deal more inviting with a promise to pay at least the same salary and bonus paid in 2018 to anyone willing to make the move, along with a "relocation benefit" in the amount of $50,000 to be paid in April 2020 once employees have "established permanent residence in Florida."
For those who refuse to make the move to Paradise, Icahn also agreed that the company would not impede them from collecting their 26 weeks’ worth of unemployment benefits totaling around $450 a week.
Icahn Enterprises employs a staff of about 50, of which some 20 are professionals. About half of the staff will be joining him in the Magic City, along with a slew of other affluent New Yorkers who have been migrating South to save money in response to the 2017 Tax Reform Act limiting federal deductions for state and local taxes.
But Who Can Blame Him?
The way we see it, things could be way worse. At least Icahn is relocating his team to Paradise and not some boring location with no beaches, no nightlife and no culture! And let’s face it, the opportunity to live a laid-back lifestyle in a year-round vacation wonderland while raking in tons of money doesn’t come around every day. Actually, we could think of way worse offers. But hey, we’re rooting for all who are embracing the change and heading South. Come on down! Loosen up, relax, slip into a pair of flip-flops, and welcome to the Magic City!