Carl Icahn Takes Significant Stake in JetBlue Airways

TL;DR

**Carl Icahn just bought a big chunk of JetBlue, expect turbulence or a turnaround!**

AI Summary

Carl Icahn, through his various entities including Icahn Capital LP, has acquired a significant stake in JetBlue Airways Corporation (JBLU). The filing, dated February 1, 2024, indicates that Icahn now holds a position large enough to require a Schedule 13D filing, suggesting he intends to influence the company's management or strategy. This matters to investors because Icahn is known as an activist investor, and his involvement often signals upcoming changes, potential shake-ups, or strategic shifts that could impact the stock price.

Why It Matters

Carl Icahn's reputation as an activist investor means his substantial stake could lead to demands for operational changes, board representation, or strategic alternatives at JetBlue, potentially impacting its future direction and stock performance.

Risk Assessment

Risk Level: medium — Icahn's involvement can be a catalyst for positive change but also introduces uncertainty and potential for conflict with existing management.

Analyst Insight

A smart investor would closely monitor JetBlue's stock for volatility and news regarding Icahn's specific demands or proposals, as his involvement often precedes significant corporate actions or strategic shifts that could impact valuation.

Key Players & Entities

• Carl C. Icahn (person) — activist investor who filed the SC 13D
• JetBlue Airways Corporation (company) — the subject company in which Icahn acquired a stake
• Icahn Capital LP (company) — one of the entities through which Icahn holds his stake
• February 1, 2024 (date) — date of the event requiring the filing
• $0.01 (dollar_amount) — par value per share of JetBlue Common Stock

Forward-Looking Statements

• Carl Icahn will seek board representation at JetBlue Airways. (JetBlue Airways Corporation) — high confidence, target: Within 6 months
• JetBlue Airways will explore strategic alternatives or operational changes due to Icahn's influence. (JetBlue Airways Corporation) — medium confidence, target: Within 12 months

FAQ

Key Financial Figures

• $0.01 — ame of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $119.75 million — gregate purchase price of approximately $119.75 million. The source of funding for the shares o
• $4.25 — on Stock at an average forward price of $4.25 per share, for an aggregate forward pri

Filing Documents

• n2779_x199-sc13d.htm (SC 13D) — 188KB
• 0001539497-24-000264.txt ( ) — 190KB

From the Filing

SC 13D 1 n2779_x199-sc13d.htm SC 13D SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment ___)* JetBlue Airways Corporation (Name of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securities) 477143101 (CUSIP Number) Jesse A. Lynn Chief Operating Officer Icahn Capital LP 16690 Collins Avenue, PH-1 Sunny Isles Beach, FL 33160 (305) 422-4100 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) February 1, 2024 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box . NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 240.13d-7 for other parties to whom copies are to be sent. * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise SCHEDULE 13D CUSIP No. 477143101 (1) NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Icahn Partners Master Fund LP (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) (b) (3) SEC USE ONLY (4) SOURCE OF FUNDS WC (5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) (6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware Number of Shares Beneficially Owned by Each Reporting Person With (7) SOLE VOTING POWER 14,030,128 (includes shares of Common Stock underlying forward contracts. See Item 5) (8) SHARED VOTING POWER 14,030,228 (includes shares of Common Stock underlying forward contracts. See Item 5) (9) SOLE DISPOSITIVE POWER 14,030,128 (includes shares of Common Stock underlying forward contracts. See Item 5) (10) SHARED DISPOSITIVE POWER 14,030,228 (includes shares of Common Stock underlying forward contracts. See Item 5) (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 14,030,228 (includes shares of Common Stock underlying forward contracts. See Item 5) (12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.14% (14) TYPE OF REPORTING PERSON PN SCHEDULE 13D CUSIP No. 477143101 (1) NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Icahn Offshore LP (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) (b) (3) SEC USE ONLY (4) SOURCE OF FUNDS OO (5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) (6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware Number of Shares Beneficially Owned by Each Reporting Person With (7) SOLE VOTING POWER 0 (8) SHARED VOTING POWER 14,030,228 (includes shares of Common Stock underlying forward contracts. See Item 5) (9) SOLE DISPOSITIVE POWER 0 (10) SHARED DISPOSITIVE POWER 14,030,228 (includes shares of Common Stock underlying forward contracts. See Item 5) (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 14,030,228 (includes shares of Common Stock underlying forward contracts. See Item 5) (12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.14% (14) TYPE OF REPORTING PERSON PN SCHEDULE 13D CUSIP No. 477143101 (1) NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Icahn Partners LP (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) (b) (3) SEC USE ONLY (4) SOURCE OF FUNDS WC (5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) (6) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware Number of Shares Beneficially Owned by Each Reporting Person With (7) SOLE VOTING POWER 19,591,507 (includes shares of Common Stock underlying forward contracts. See Item 5) (8) SHARED VOTING POWER 19,591,507 (includes shares of Common Stock underlying forward contracts. See Item 5) (9) SOLE DISPOSITIVE POWER 19,591,507 (includes shares of Common Stock underlying forward contracts. See Item 5) (10) SHARED DISPOSITIVE POWER 19,591,507 (includes shares of Common Stock underlying forward contracts. See Item 5) (11) AG

View Full Filing

View this SC 13D filing on SEC EDGAR