Carl Icahn Increases Allergan Stake by Reuters @FortuneMagazine August 16, 2016, 4:29 PM EDT E-mail Tweet Facebook Linkedin Share icons Carl Icahn, the octogenarian investor whose stock investments still create a buzz on Wall Street nearly 50 years after he first got into the business, made a new bet on Allergan agn , a new filing shows. Icahn who invests his personal fortune estimated by Forbes to be roughly $17 billion largely kept his portfolio unchanged, reporting no change on his investments in Cheniere Energy lng , Freeport-McMoRan freeport-mcmoran-copper-gold-inc , and Herbalife hlf during the second quarter. But he did make one significant addition when he bought 3.4 million shares of drugmaker Allergan, valued at $785.7 million. Icahn kept his holding in Hertz htz mostly unchanged, but the share count was lower after the company issued a 5-for-1 reverse stock split on the last trading day of the second quarter. Icahn like other investors on Monday filed a so-called 13-F filing that shows what U.S. stocks he owned at the end of the second quarter. He made smaller adjustments to his biggest holdings including a 2% hike in AIG aig , bringing his ownership to 45.6 million shares. PayPal pypl , was cut by 10% to 33.9 million shares, the filing shows. Icahn, like some other billionaire investors, has made big bets on energy companies, betting on a recovery that has been spotty so far. Allergan’s stock price dropped 14% during the second quarter after Pfizer pfe walked away from a planned merger, but some investors expect that Allergan will tie up with another company, suggesting that the stock price will rebound.