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Carl Icahn Declines to Join Trump’s Economic Team

Billionaire Investor may fund a super PAC focused on regulatory reform instead

Billionaire investor Carl Icahn said thanks but no thanks to Donald Trump‘s offer to join his economic advisory team.

“Mr. Icahn declined the opportunity to join the Trump economic advisory council because at this time, we’re still considering whether to fund and manage our own super-PAC focused on regulatory reform,” Icahn’s general counsel, Jesse Lynn told Reuters on Friday.

“[Federal Election Commission] rules would limit that activity if Mr. Icahn were to become directly involved in the campaign by joining the council.”

Last year, Icahn formed his first super PAC, pledging $150 million for the venture.

Trump’s economic advisory team, which was announced on Friday, includes CEO of Vornado Realty Trust Steven Roth; Howard Lorber, CEO of Vector Group Ltd.; billionaire and founder of Colony Capital Tom Barrack, who hosted Trump’s first big Hollywood fundraiser earlier this year; Trump’s finance chairman and Hollywood producer Steven Mnuchin; founder of Beal Bank Andrew Beal; Stephen M. Calk, CEO of Federal Savings Bank and Steve Feinberg, CEO of Cerberus Capital Management.

“I am pleased that we have such a formidable group of experienced and talented individuals that will work with me to implement real solutions for the economic issues facing our country,” Trump’s campaign said in a statement.

Trump has repeatedly mentioned Icahn throughout his campaign and has reportedly floated his name as a potential Treasury Secretary.

In March, Icahn called into Fox Business Network’s Super Tuesday coverage to tell Neil Cavuto that Donald Trump is “what this country needs at this time.”

Pressed by FBN’s Neil Cavuto if he’d consider working in a Trump administration, Icahn said, “Maybe in the background, I certainly would be happy to talk to Donald and discuss different problems with him.”

Icahn, an activist investor, is best known in Hollywood circles for a failed 2010 takeover attempt of Lionsgate.

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