“In a letter to Apple Chief Executive Tim Cook that Icahn made public through a tweet at just after 11 a.m. Eastern on Monday, the billionaire activist investor said he believes the technology giant’s stock is now worth $240, which is 84% above where the stock closed on Monday,” Tomi Kilgore reports for MarketWatch.
“The stock was trading down a few pennies at around $128.74 at 11 am,” Kilgore reports. “With the stock closing Monday up 1.1% at $130.19, Apple’s market capitalization increased by about $8.35 billion since Icahn’s tweet, based on data provided by FactSet.”
“In addition, Icahn’s hedge fund Icahn Associates, which is Apple’s seventh largest shareholder with 52.8 million shares as of March 31, saw the value of its investment grow by $76.5 million in a day since Icahn’s tweet,” Kilgore reports. “Since March 31, Icahn has made $303.9 million on his Apple investment.”
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MacDailyNews Take: Apple has gone up (and down) 1.1% or more in the absence of tweets and open letters from Carl Icahn thousands of times. There is no way to prove or disprove that a daily stock price fluctuation is due to a specific event.