Billionaire Carl Icahn makes large Apple investment

Carl Icahn, the billionaire chairman of holding company Icahn Enterprises, has disclosed that his company has taken a “large position in Apple,” and that Apple is “extremely undervalued.” Icahn has been an active investor in a wide variety of well-known companies, frequently coming into conflict with existing management over issues of shareholder value, while using pressure and lawsuits to force changes to their boards and plans—often to drive short-term profits for shareholders.

In posts to Twitter, Icahn also mentioned that he spoke to Apple CEO Tim Cook, and stated that a “larger buyback should be done now.” Apple confirmed Icahn’s conversation with Cook and told AllThingsD: “We appreciate the interest and investment of all our shareholders. Tim had a very positive conversation with Mr. Icahn today.” Apple shares have jumped to nearly $500 as of this writing, a six-month high.

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