Carl Icahn Pushed for $150 Billion Stock Buyback at Dinner with Apple CEO Tim Cook [Update: Has $2 Billion Invested]

Activist investor Carl Icahn has just issued a Tweet sharing that he had a "cordial" dinner with Apple CEO Tim Cook last night where he pushed for an increased stock buyback of $150 billion. According to Icahn, the two will revisit the subject later this month.

icahn_dinner_buyback
The stock buyback portion of Apple's capital return program was originally set at $10 billion when it was announced in March 2012, but in April of this year the company announced a significant increase to $60 billion as Apple has sought to take advantage of a drop in the company's stock price to repurchase shares at relatively low prices. Icahn believes that Apple's stock remains undervalued, and thus is pushing Apple to increase the buyback even further.

Icahn took a "large position" in Apple, said to be in the neighborhood of $2 billion, back in August and noted shortly after that he would be having dinner with Cook to discuss the company's buyback plans. That dinner meeting was held yesterday in New York City.

Update: Carl Icahn spoke with CNBC this afternoon, giving additional details about his dinner with Tim Cook and his increased position in Apple.

Via Time reporter Sam Gustin, Icahn said he believes Tim Cook is "doing a damn fine job", management "is not an issue", and that he doesn't "micromanage". He said he is "not going away" until Apple executives "hear a lot more from me."

Icahn also revealed that he purchased several hundred million dollars worth of shares on the recent dip in Apple's stock price and he now holds $2 billion worth of stock.

Top Rated Comments

HenryDJP Avatar
102 months ago
Wish I have $150 billion.

My take is you probably didn't understand the article well enough so that's all you had to say? :D.
Score: 24 Votes (Like | Disagree)
nikhsub1 Avatar
102 months ago
So Icahn invests billions into Apple, asks Apple to buy back it's own shares at a tune of $150 billion so Icahn can make more money? How is this not illegal?
Score: 22 Votes (Like | Disagree)
jav6454 Avatar
102 months ago
This guy will be Apple's financial downfall.
Score: 22 Votes (Like | Disagree)
Jessica Lares Avatar
102 months ago
We decided to continue dialogue in about three weeks.

Meaning they're not interested. :rolleyes:
Score: 19 Votes (Like | Disagree)
revixd Avatar
102 months ago
I really think a lot of people don't know what stock buyback means....
Score: 14 Votes (Like | Disagree)
osx11 Avatar
102 months ago
Stock Buyback is when a company uses its cash to buy back a portion of the outstanding shares in the company. This means that the share of the company held by the public decreases and the company becomes less public-owned and more private-owned.
Score: 13 Votes (Like | Disagree)

Top Stories

AirPods Pro Beta Firmware

AirPods Pro Beta Firmware Now Available

Wednesday July 21, 2021 6:50 am PDT by
Upcoming AirPods Pro firmware updates are now available to Apple Developer Program members as beta versions. AirPods Pro firmware beta one features FaceTime Spatial Audio and Ambient Noise Reduction. Custom Transparency mode, including Conversation Boost, was initially expected to be included in the beta but appears to have been delayed for a later version. Apple made the announcement...
maxresdefault

Apple Music to Livestream Premiere of Kanye West's New Album 'Donda' on Thursday

Wednesday July 21, 2021 1:49 am PDT by
Apple Music on Thursday will host a global livestream for the premiere of Kanye West's tenth studio album, titled "Donda." The sold-out event will take place at the Mercedes-Benz Stadium in Atlanta, Georgia, and Apple Music's livestream will start at 8:00 p.m. Eastern Time. The livestream was revealed in a Beats Studio Buds ad that aired during the NBA Finals. The ad features U.S. track...
General Apps Messages

All Three Major U.S. Carriers and Google Adopt Rich Communication Services, But No Sign of Apple Interest

Tuesday July 20, 2021 1:15 pm PDT by
For the last several years, Google has been pushing a new communications protocol called Rich Communication Services, or RCS. RCS is designed to replace SMS, the current text message standard, and it offers support for higher resolution photos and videos, audio messages, bigger file sizes, better encryption, improved group chat, and more. Verizon today announced that it is planning to adopt...
ios wifi settings

Apple Confirms iOS 14.7 Fixes WiFi Bug and Many Other Vulnerabilities

Wednesday July 21, 2021 11:38 am PDT by
Following the release of iPadOS 14.7 this morning, Apple has shared details on the security updates that are included in iOS 14.7, iPadOS 14.7, macOS Big Sur 11.5, watchOS 7.6, and tvOS 14.7, all of which came out this week. Notably, Apple's documentation confirms that the iOS 14.7 and iPadOS 14.7 updates address a WiFi-related vulnerability that could impact iOS devices when joining a...
macOS Malware Feature

Common Windows Malware Can Now Infect Macs

Wednesday July 21, 2021 8:13 am PDT by
A common form of malware on Windows systems has been modified into a new strain called "XLoader" that can also target macOS (via Bleeping Computer). Derived from the Formbook info-stealer for Windows, XLoader is a form of cross-platform malware advertised as a botnet with no dependencies. It is used to steal login credentials, capture screenshots, log keystrokes, and execute malicious files. ...
macOS Big Sur Feature Orange

Apple Releases macOS Big Sur 11.5 With Podcast App Updates and Bug Fixes

Wednesday July 21, 2021 10:15 am PDT by
Apple today released macOS Big Sur 11.5, the fifth major update to the macOS Big Sur operating system that launched in November 2020. macOS Big Sur 11.5 comes two months after the release of macOS Big Sur 11.4. The new ‌‌‌‌‌macOS Big Sur‌‌‌‌ 11.5 update can be downloaded for free on all eligible Macs using the Software Update section of System Preferences. macOS Big Sur...
idos 2 app ios

Apple to Pull 'iDOS 2' DOS Emulator From App Store

Thursday July 22, 2021 3:22 pm PDT by
iDOS 2, an app designed to allow users to play classic DOS games, will soon be pulled from the App Store, the app's creator said today. According to iDOS developer Chaoji Li, he tried to submit an iDOS update with bug fixes to the App Store, but was told that the update was rejected because it violated the 2.5.2 App Store guideline that says apps cannot install or launch executable code.Durin...
airpods 3 gizmochina Feature

AirPods 3 Rumored to Launch Alongside iPhone 13 at Expected September Event

Friday July 23, 2021 12:54 am PDT by
The third-generation AirPods will likely launch at the same event revealing Apple's upcoming iPhone 13 lineup, according to a report from DigiTimes, which makes the claim citing sources familiar with the matter. The report as a whole echoes previous reporting that production of the third-generation AirPods will kickstart in August, meaning a launch shortly after can be easily expected. DigiTi...
iPad mini pro feature

Next-Generation iPad Mini Will Reportedly Feature a Mini-LED Display

Thursday July 22, 2021 9:03 am PDT by
Apple is widely rumored to be planning a new iPad mini with a significant redesign, including a larger 8.5-inch to 9-inch display with slimmer bezels, a Touch ID power button instead of a home button, a USB-C port instead of a Lightning connector, and more. According to a paywalled preview of a DigiTimes report today, the sixth-generation iPad mini will also feature a mini-LED display:BLU...
airpods 3 gizmochina Feature teal

AirPods 3 Mass Production Said to Kick Off in August

Tuesday July 20, 2021 8:40 pm PDT by
Mass production of the third-generation AirPods will kick off in August, according to a new report from Nikkei Asia. They will reportedly join a number of other products such as the iPhone 13 lineup and redesigned MacBook Pro models as launches coming before the end of the year. Renderings of rumored third-generation AirPods design Rumored launch dates for the third-generation AirPods have...