Apple Inc. (AAPL): George Soros Increases Stake
Apple Inc. (NASDAQ:AAPL) stock is becoming a hot target for billionaire investors. Earlier we reported that Carl Icahn boosted his stake in the company. Now we know that George Soros has more than doubled his stake in Apple.
George Soros’ fund held around 66,800 shares of Apple Inc. (NASDAQ:AAPL) stock as of the end of June. This is up from 26,800 shares in March. The disclosure of Soros’ increase in Apple stock happened a few days ago. Soros’ holdings are worth around $33 million.
By purchasing large chunks of Apple Inc. (NASDAQ:AAPL) stock, Icahn and Soros both believe that the company is undervalued. Apple’s stock price is down around 30% from it’s peak of over$705 from about 11 months ago. Apple still remains the world’s most valuable company with a market value of around $456 billion.
Carl Icahn had a conversation with Apple Inc. (NASDAQ:AAPL) chief executive officer Tim Cook around the same time he upped his shares. Icahn urged Cook to increase the amount of money that the company is spending to buy back their stock. Apple has pledged to spend around $60 billion to buy back their stock by the end of April. It is unknown whether Soros has plans to influence the company to change their policies.
Soros also upped his shares in Google. He ended June with 396,953 Google shares, which is up from 337,271 at the end of March. This puts Soros’ holdings in Google at about $345 million.
Icahn’s net worth is believed to be $20 billion and Soros is at around $19.2 billion.
[Source: The Business Journal]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry