Billionaire investor Carl Icahn, who took a large position in Apple three years ago, how now sold his stake over concerns with the company’s situation in China, CNBC reports. Speaking to CNBC’s “Power Lunch,” Icahn stated that “We no longer have a position in Apple,” while adding that Apple is a “great company” and that he feels that CEO Tim Cook is still “doing a great job.”
Icahn cited China’s current attitude toward Apple as being the main incentive for him to exit his position, noting concerns that China’s government could “come in and make it very difficult” for Apple to do business there. The Chinese government can be capricious, as evidenced by its sudden turnaround on iTunes Movies and iBooks sales last week. Icahn added, however, that he would likely buy back into Apple if China “was basically steadied.” Icahn previously owned slightly under one percent of Apple’s outstanding shares, which have fallen over six percent this week following the company’s latest earnings call; Icahn said he made roughly $2 billion on Apple, and still touts the stock as “cheap” despite his reservations.