Billionaire Carl Icahn makes large Apple investment

Updated

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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Phil Dzikiy

Phil Dzikiy was the Editor-in-Cheif at iLounge. He mostly edited and oversaw all site editorial content, managed staff and freelancers, made the final call on product review grades and awards, and led online coverage of all Apple events and live coverage of the International CES in 2015.