The manufacturer’s stock fell by nearly 16% after it announced losses in its Q1 results due to inflation and supply chain issues. 

Icahn was already Xerox’s biggest single shareholder, and helped derail its proposed sale to Fujifilm in 2018. He also brought in John Visentin as the group's CEO.

He purchased two further tranches of shares after the Xerox stock fell, taking his stake to more than 34.24m shares, or around 22% of the company. 

Wall Street rumours persist that Xerox could be subject to another takeover bid.