“Carl Icahn, the billionaire activist investor urging Apple Inc. to buy back $150 billion of its shares, owns a stake of 3.88 million shares in the iPhone maker worth $2.05 billion, a filing showed,” Peter Burrows reports for Bloomberg News. “The holding, as of Sept. 30, is part of Icahn’s drive to get Apple to deploy more of its cash to return value to shareholders. He sent a letter to Chief Executive Officer Tim Cook last month urging the board to increase stock repurchases.”
MacDailyNews Note: Icahn’s letter to Apple CEO Tim Cook is Read more in the full article here.
“The investor said in the letter that he increased his holdings in Apple to 4.7 million shares,” Burrows reports. “Icahn has indicated that he intends to buy more of the stock, which he said is undervalued.”
Burrows reports, “Icahn is lobbying for Apple to return more cash months after Cupertino, California-based Apple announced a plan for a total of $100 billion in dividends and buybacks.”
Read more in the full article here.
MacDailyNews Take: Carl Icahn isn’t rich enough to affect Apple.
There are 899.738 million AAPL shares outstanding. 4.7 million shares is a mere 0.54% of outstanding shares of Apple Inc.