Carl Icahn Reports HUGE Stake In Herbalife

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Billionaire investor Carl Icahn has disclosed a massive stake in Herbalife equal to 12.98%, 14,015,151 shares, according to an SEC filing.

"The Reporting Persons intend to have discussions with management of the Issuer regarding the business and strategic alternatives to enhance shareholder value, such as a recapitalization or a going-private transaction," the filing states.

Icahn told CNBC's Scott Wapner that he's done a great deal of research on the company and he doesn't think that it's a pyramid scheme.

Herbalife is the stock that Icahn's decade-long rival Bill Ackman, the CEO of $12 billion Pershing Square Capital Management, is shorting. Ackman, who is shorting more than 20 million shares, believes that the company is a "pyramid scheme" and has a price target of $0.

Just last month, the two hedge fund titans, who have been fighting for a decade, duked it out on CNBC in a live telephone interview with Icahn hurling brutal insults at Ackman.

The stock is soaring on the Icahn news. Herbalife is up 18.11%, or $45.20 per share, in after-hours trading. That's above the pre-Ackman short level.

Watch Below: How Herbalife Became The Apple Of Discord For Carl Icahn And Bill Ackman