Icahn blasts Apple again, boosts position to $3 billion

Wed Jan 22, 2014 5:01pm EST
 
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By Edwin Chan and Sam Forgione

SAN FRANCISCO (Reuters) - Activist investor Carl Icahn lashed out against Apple Inc again on Wednesday, and tweeted that he had bought $500 million more shares in the company in just the past two weeks, bringing his investment in the iPhone maker to over $3 billion.

The billionaire, who has repeatedly urged Apple to return more cash to shareholders, told CNBC later in an interview he intends to buy more stock at some point in "one of the greatest no-brainers of all time."

Icahn, known for decades of strong-arm tactics including proxy fights against major corporations, said on Twitter that the company was doing shareholders a "great disservice" by failing to boost its share buyback program.

Shares of the world's largest technology company were up 0.5 percent at $552.09 in afternoon trading, after earlier climbing as much as 1.5 percent.

Icahn has repeatedly made it clear that he does not oppose Apple's management. But neither is he going to walk away from his investment, he told Reuters in November.

On Wednesday, he promised an in-depth letter in a day or two, that will lay out his arguments to investors. And he said he will continue to try to drum up support from fellow shareholders for his buyback proposal.

"What bothers me a hell of a lot..., is cash of a $150 billion just sitting there doing nothing. And not to use it to do a huge buyback, is sort of disgraceful," Icahn said on CNBC.

"As far as I'm concerned, I'm actually better off with them doing nothing," he said. "I intend to buy (more) stock."   Continued...

 
Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference at the New York Stock Exchange in this June 27, 2007 file photograph. REUTERS/Chip East/Files