Activist investor Carl Icahn gives up JetBlue board seats after sharply cutting stake

Icahn previously said shares of JetBlue were undervalued, saying the airline represented an attractive investment opportunity. He has made a career of taking stakes in companies he views as undervalued and pushing for changes.

JetBlue shares closed at $6.07 on Feb. 12, 2024, when Icahn publicly disclosed a 9.91% stake in the airline. They closed at $4.74 on Aug. 20, when his latest regulatory filing showed the stake had fallen to 3.32%, about 22% below their level when his investment was disclosed.

JetBlue has faced a series of headwinds since 2024, including Pratt & Whitney engine-related aircraft groundings, high costs and the collapse of its proposed merger with Spirit Airlines.

More recently, the Iran war has driven up fuel prices, adding to cost pressures as the carrier works to return to sustained profitability while carrying a heavy debt load.