Carl Icahn snaps up another $500M of Apple stock

Outspoken billionaire Carl Icahn has tossed another bushel of Apple stock into his investment portfolio as he tries to persuade the iPhone maker to buy back more of its own shares.

Icahn says he invested another $500 million in Apple Inc. in a series of purchases made Thursday. With the latest shopping spree, Icahn has spent $1 billion on Apple stock during the past weeks to raise his total holdings in the Cupertino, Calif., to $3.6 billion. That represents a stake of less than 1 percent in Apple, which has a of about $500 billion.

Apple's stock has fallen by about 20 percent from its peak reached 16 months ago. Icahn believes Apple's stock will bounce back if the company spends more money buying back its stock.


Explore further

Icahn says he has $3bn in Apple stock (Update)

© 2014 The Associated Press. All rights reserved.

Citation: Carl Icahn snaps up another $500M of Apple stock (2014, January 23) retrieved 21 August 2019 from https://phys.org/news/2014-01-carl-icahn-snaps-500m-apple.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more