Apple Inc. (AAPL): Carl Icahn now owns $3 billion in stock
Billionaire investor Carl Icahn has disclosed on Twitter that he now owns $3 billion in Apple Inc. (NASDAQ:AAPL) stock. Icahn is known for his aggressive and hostile takeovers. In one of his recent tech maneuvers, he helped facilitate the sale of Motorola Mobility to Google.
Icahn bought $500 million in additional Apple shares. He has been buying Apple shares since this past August and has been insisting that the company does a massive massive share buyback. Icahn said that he wants Apple to commit a $50 billion buyback. However, Apple CEO Tim Cook believes that this would be a mistake. Apple filed a proxy to ask shareholders not to vote for Icahn’s proposal.
“Dividends and share repurchases must be funded by domestic cash, and the Company has returned to shareholders or invested all of the domestic cash generated by its business and raised through the issuance of debt since the beginning of the program,” said Apple in their filing. Carl Icahn is now Apple’s 33rd largest shareholder.
“Having purchased $500 million more $AAPL shares in the last two weeks, our investment has crossed the $3 billion mark yesterday,” said Icahn in his tweets. “Since tweeting about our large position in $AAPL on Aug 13, when the stock was 468 per share, we’ve kept buying shares of this ‘no brainer.’”
This is Carl Icahn’s largest single trade. His second largest trading investment is Forest Laboratories, which was at slightly over $2 billion.