In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends.
The subsequent plunge in IEP shares wiped $2.9 billion off Icahn's net worth, leaving him with an estimated $14.7 billion, according to Forbes.
NAV is a key gauge of a fund's performance, measuring the market value of securities held by the fund.
Driving the frothiness in IEP's stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any U.S. large cap company by far.
Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.