Apple Inc. (AAPL) Stock Up After Icahn Adds $500M To His Position

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Apple Inc. (AAPL) Stock Up After Icahn Adds $500M To His Position
Image source: CNBC Video Screenshot

Activist investor Carl Icahn has been busy tweeting about Apple Inc. (NASDAQ:AAPL) again this morning. He sent out three tweets this morning, telling about how he increased his position in Apple stock and continues to publicly push for the company to increase its share buyback.

Shares rose more than 1% after he finished tweeting about it. We’ll have to see if he continues to add an average of $8 billion per tweet to Apple’s market capitalization.

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Carl Icahn calls Apple Inc. (NASDAQ:AAPL) stock a “no brainer”

Icahn’s first tweet refers back to Aug. 13 when he first tweeted about buying Apple stock. He said over the last two weeks, they bought $500 million worth in additional shares of Apple Inc. (NASDAQ:AAPL). He said with that investment, their position in Apple is worth more than $3 billion.

Here are his first couple of tweets:

Carl Icahn pushes Apple board further

In addition to revealing his increased position in Apple Inc. (NASDAQ:AAPL), Carl Icahn also said the company’s board is doing a “great disservice” to shareholders by not increasing its buyback. He said he would be publishing an “in-depth letter” very soon:

Since last fall, Icahn has been pushing Apple Inc. (NASDAQ:AAPL) to buy back $150 billion worth of shares as soon as possible, and he continues that push. He filed a non-binding shareholder proposal for inclusion on the company’s proxy ballot next month. However, he dialed back his demands a bit to a $50 billion share buyback. With the type of proposal he filed, Apple will not be bound to follow through if shareholders vote for it.

Of course Apple management is recommending that they vote against it, noting that last year they did increase the company’s dividend and share buyback plans. Apple also said that they need all that cash they’re sitting on in order to keep up with innovation in the competitive technology industry.

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