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Carl Icahn letter to Apple: 'Stock trading at half price' | Carl Icahn letter to Apple: 'Stock trading at half price' |
(7 days later) | |
Activist investor Carl Icahn has issued an open letter to Apple's chief executive Tim Cook, asking the Cupertino giant for a bigger share buyback "soon". | |
In the letter, the billionaire investor described Apple as "dramatically undervalued" and called on Cook to "convince" the board of directors to purchase "more" and "sooner". | In the letter, the billionaire investor described Apple as "dramatically undervalued" and called on Cook to "convince" the board of directors to purchase "more" and "sooner". |
Icahn argued the stock is trading at a 50 per cent discount and should be trading at $203 per share, instead of the $100 region it is currently trading for. He also revealed he owns 53 million shares in Apple. | Icahn argued the stock is trading at a 50 per cent discount and should be trading at $203 per share, instead of the $100 region it is currently trading for. He also revealed he owns 53 million shares in Apple. |
"We believe Apple is dramatically undervalued in today's market, and the more shares repurchased now, the more each remaining shareholder will benefit," Icahn said in a letter to Apple's board. | |
The stock jumped one per cent in New York trading to $101.80 after Icahn published the letter on his website on Thursday morning. | The stock jumped one per cent in New York trading to $101.80 after Icahn published the letter on his website on Thursday morning. |
This is not the first time the so-called corporate raider asks Apple to increase and accelerate its share buyback programme. | |
Last year, he called for a huge $150 billion share buyback, but eventually gave up after it became clear major shareholders in Apple would vote against his proposal. The company is currently sitting on a $133 billion cash pile. |
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