Hindenburg has accused the company of overvaluing its holdings and relying on a “Ponzi-like” structure to pay dividends.

Shares of activist investor Carl Icahn’s investment firm lost nearly a fifth of their value on Wednesday, adding to a 20 percent decline a day earlier following short seller Hindenburg Research’s scathing attack on the company.

Icahn Enterprises LP’s shares hit an intraday low of $31.78 – their lowest in more than a decade. The stock is down nearly 39 percent since the release of the report.

Hindenburg accused the company of overvaluing its holdings and relying on a “Ponzi-like” structure to pay dividends. Icahn called the report “self-serving”.

The attack has landed the famed corporate raider in uncharted waters. Known for his face-offs with industry heavyweights like McDonald’s Corp, the 87-year-old Icahn has seldom found himself on the wrong side of an activist feud.

But Hindenburg has taken on several high-profile targets in recent months, including India’s Adani Group and Jack Dorsey-led Block Inc.

Since its release on Tuesday, the report has wiped $7.5bn off Icahn’s fortune, leaving him with a net worth of $10.8bn, according to Forbes.