“Billionaire activist investor Carl Icahn told the world on Thursday (April 28) he has dumped all of his shares in Apple, just days after it posted its first quarterly revenue drop since 2003,” Josh Horwitz writes for Quartz. “His reason? China’s ruling Communist Party can do whatever it wants, including potentially shut Apple out of the market.”
“In an interview with CNBC, Icahn said he believed Apple CEO Tim Cook did a ‘great job’ and that the company sells a product that’s difficult for competitors to beat,” Horwitz writes. “But he says he no longer has a position in Apple, because he worries ‘maybe more than a little bit, about China’s attitude.'”
I think Apple has, which we said all along, which is great, great barriers to entrance. You can’t go into that business unless you’re like Samsung which is really like a country backing it. A lot of people tried, a lot of people failed… In China, for instance, they will come in and make it very difficult for Apple to sell there. They could theoretically, you know… They’re basically in some senses I would say, perhaps benevolent but a benevolent dictatorship. I don’t know if benevolent is the right word. — Carl Icahn
Read more in the full article here.
MacDailyNews Take: It’s not the right word and Icahn’s fears aren’t completely unfounded.
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Carl Icahn dumps all of his Apple shares; stock drops – April 28, 2016
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