Activist investor Carl Icahn took to the Internet again to round up support for his effort to push Apple Inc. toward an extraordinary $150 billion stock buyback, under the argument that its stock is undervalued.
Icahn, who owns a 0.5% stake in the tech giant, posted Thursday on his new website a letter he sent to CEO Timothy D. Cook urging Apple to begin an offer to buy back the Apple shares at the current price of $525, The New York Times’ Dealbook reports.
“While this would certainly be unprecedented because of its size, it is actually appropriate and manageable relative to the size and financial strength of your company,” Icahn wrote in the open letter.
[Dealbook]