Activist investor Carl Icahn has a reputation that precedes him. But in a recent fight against McDonald’s over an animal rights measure, the emperor of boardroom battles was shown to have no clothes.
Icahn built his brand and wealth by tackling obtuse corporate management. But with McDonald’s, Icahn got into trendy ESG (environmental, social, governance) politics. And he found out the hard way that ESG can have little value or popularity with shareholders.
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