Rebel Apple investor tries to rally Street

Feb 22, 2013 by Peter Svensson

(AP)—A Wall Street maverick who wants Apple to share more of its wealth with investors took his case to other shareholders Thursday, urging them to send management a message by voting against a company proposal at the upcoming annual meeting.

David Einhorn, founder of Greenlight Capital, laid out his case for "iPrefs," a class of -bearing preferred stock he wants the company to issue as a way of committing to use its massive profits for the benefit of shareholders.

Apple hands only a small amount of its profits to shareholders. The rest of the money goes in the bank, where Apple's cash hoard amounted to $137 billion at the end of last year.

Einhorn introduced his plan two weeks ago. Apple responded, saying it would consider the proposal.

Explore further: Microsoft earnings slip but still beat forecasts (Update)

5 /5 (5 votes)
add to favorites email to friend print save as pdf

Related Stories

Greenlight sues Apple, with eye on cash pile

Feb 07, 2013

US hedge fund Greenlight Capital Thursday filed suit against Apple as it boosted pressure on the tech giant to unleash to shareholders the value of its huge capital stockpile.

Apple CEO Cook says lawsuit is 'silly sideshow'

Feb 12, 2013

Apple CEO Tim Cook calls a shareholder lawsuit against the company a "silly sideshow" but says he is open to looking at the shareholder's proposals for sharing more cash with investors.

Apple CEO hints company will part with some cash

Feb 23, 2012

(AP) -- Apple CEO Tim Cook believes the world's most valuable company has more money than it needs. His next challenge is to figure out whether Apple should break from the cash-hoarding ways of his predecessor, the late ...

Apple CEO Jobs favors flexibility of cash hoard

Feb 25, 2010

(AP) -- Apple Inc., buoyed by the success of the iPhones, iPods and computers it churns out to breathless buyers, could give some of its $25 billion in cash back to shareholders. But CEO Steve Jobs said Thursday that he ...

Recommended for you

Google+ boss leaving the company

1 hour ago

The executive credited with bringing the Google+ social network to life is leaving the Internet colossus after playing a key role there for nearly eight years.

Amazon launches grocery service for Prime members

13 hours ago

Amazon is taking aim at grocery stores and discounters like Wal-Mart with a grocery service that lets its Prime loyalty club members fill up to a 45-pound box with groceries and get it shipped for a flat rate of $5.99.

Facebook buys fitness app Moves

17 hours ago

Facebook has bought the fitness app Moves, which helps users monitor daily physical activity and their calorie counts on a smartphone.

User comments : 0

More news stories

Google+ boss leaving the company

The executive credited with bringing the Google+ social network to life is leaving the Internet colossus after playing a key role there for nearly eight years.

Facebook woos journalists with 'FB Newswire'

Facebook launched Thursday FB Newswire, billed as an online trove of real-time information for journalists and newsrooms to mine while reporting on events or crafting stories.

Ocean microbes display remarkable genetic diversity

The smallest, most abundant marine microbe, Prochlorococcus, is a photosynthetic bacteria species essential to the marine ecosystem. An estimated billion billion billion of the single-cell creatures live i ...