Carl Icahn meeting with Tim Cook to discuss AAPL share buyback
Activist investor Carl Icahn made news a few weeks back when he announced, via a tweet, that he had bought a large position in Apple, which is now reported to be about US$1.5 billion worth of Apple stock. Immediately, Apple's stock shot up and has been up ever since. But as an activist investor, Icahn never just buys stock hoping it will go up. He buys stock (and a lot of it) hoping to use his shares and knowledge to influence the direction of a company.
Along those lines, Icahn has now tweeted that he has set up a dinner with Tim Cook in September:
The "magnitude" he is referring to is about the scale of Apple's share buyback program, which Icahn wants to see accelerated. Currently, Apple is in the process of buying back $60 billion worth of its shares, but if it would buy back more, the value of one share of AAPL could go up significantly. Icahn has stated several times that he believes shares of AAPL are very undervalued.
Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude.- Carl Icahn (@Carl_C_Icahn) August 22, 2013
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