When the Wolves Bite: Two Billionaires, One Company, and an Epic Wall Street Battle by Scott Wapner

“When the Wolves Bite: Two Billionaires, One Company, and an Epic Wall Street Battle” is Scott Wapner’s thrilling account of the epic five-year saga between two Wall Street billionaires, Carl Icahn and Bill Ackman. It chronicles their fascinating story of high finance, gargantuan egos, and corporate greed—and their epic battle over nutritional giant Herbalife.

Icahn and Ackman crossed paths in early 2013 when Ackman declared war on Herbalife. Icahn became Herbalife’s biggest shareholder and kicked off what became one of Wall Street’s most intense and destructive battles, overshadowing anything that had come before.

The battle between Ackman and Icahn was covered almost obsessively by the media for more than five years. It became a running soap opera on CNBC with its regular appearances from Ackman and Icahn. Through in-depth interviews with dozens of people who were close to the contest, along with careful analysis of financial filings, the story of the Herbalife battle comes to life in “When the Wolves Bite.”

The book looks beyond the headlines and into the mind of the two protagonists. It also looks at the other players in this battle, from advisors to regulators to the numerous journalists who reported on the unfolding drama.

In the book, Wapner offers an unprecedented look at the Herbalife battle, showing how two of the most polarizing Wall Street billionaires waged war in the biggest public arena: the stock market. It uncovers the secret maneuvers they used to damage each other while attacking their target, the untold millions they spent to drive their rival’s stock down, and the interesting strategies they deployed to bring attention to their causes.

The story of the battle began with Ackman publicly shorting more than $1 billion worth of Herbalife stock in an effort to drive its price down and pressure the company to change its business practices. He accused Herbalife of running a pyramid scheme that defrauded millions of customers and generated most of its revenue through its army of unsuspecting independent sellers.

In response, Icahn came to Herbalife’s defense and eventually became its largest shareholder. He bought a $1.2 billion stake in the company, setting off a five-year battle of egos, figures, and funds that transfixed Wall Street and captivated the public. Through the course of their battle, Ackman and Icahn would go back and forth, trading barbs and insults, attacking each other’s business policies, and throwing hefty amounts of money at their respective positions.

The battle between the two billionaires is an incredible story and Wapner’s book does a great job of unraveling the complex web of intellect, money, and power that surrounded the Herbalife battle. It looks at the players and their motivations, their tactics, their backgrounds, and the effects of their duel on the stock market and those in the popular consciousness.

Ultimately, “When the Wolves Bite” shows that when two billionaires with bigger-than-life egos and enormous resources clash, Wall Street is never the same. It’s an inside look at the Herbalife battle that no one saw coming and that left Wall Street wishing it had never happened.