Carl Icahn Abandons Push for Apple to Boost Stock Buyback
Billionaire Carl Icahn has abandoned his effort to encourage Apple to increase its stock repurchasing program, according to a new letter addressed to Apple shareholders. Icahn had aggressively pushed for an increased stock buyback of up to $150 billion, going so far as to recommend a proxy vote for shareholders to support his agenda.

In explaining his reversal, Icahn points to a recent decision by Apple to repurchase $14 billion on a dip in the company's stock price following its most recent earnings announcement. Well-known proxy advisory firm Institutional Shareholder Services (ISS) this week also sided with Apple and recommended against Icahn's scaled-back $50 billion stock buyback plan presented to shareholders.
That being said, we also agree with ISS's observation, taking into account that the company recently repurchased in "two weeks alone" $14 billion worth in shares, that "for fiscal 2014, it appears on track to repurchase at least $32 billion in shares." Our proposal, as ISS points out, "thus effectively only asks the board to spend another $18 billion on repurchases in the current year."
As Tim Cook describes them, these recent actions taken by the company to repurchase shares have been both "opportunistic" and "aggressive" and we are supportive. In light of these actions, and ISS's recommendation, we see no reason to persist with our non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target.
Icahn went on to say that he is excited about Apple's future, which will see the company introduce products in new categories this year. Rumors strongly suggest Apple is working on a watch/fitness band with sensors to potentially measure steps, calories, heart rate, glucose levels and more. Apple has assembled a "dream team" to work on this iWatch product, hiring a number of the best and brightest scientists from the medical device and health sensor field.
Apple's 2014 annual meeting of shareholders is scheduled for February 28, 2014.
Popular Stories
Apple today introduced the iPhone 17 Pro and iPhone 17 Pro Max.
Both devices feature a new aluminum unibody design, with the Ceramic Shield now protecting both the front and back sides. Apple says the front side is now Ceramic Shield 2, which offers 3x better scratch resistance, while the rear Ceramic Shield is advertised as 4x more resistant to cracks compared to the back glass on previous...
Apple continues to phase out the physical SIM card tray on iPhones, with the latest models relying solely on eSIM technology in more countries.
The new iPhone 17, iPhone 17 Pro, and iPhone 17 Pro Max support eSIMs only in these countries and regions, according to Apple:
Bahrain
Canada
Guam
Japan
Kuwait
Mexico
Oman
Qatar
Saudi Arabia
United Arab Emirates
Un...
Apple's new Live Translation feature for AirPods will be off-limits to millions of European users when it arrives next week, with strict EU regulations likely holding back its rollout.
Apple says on its feature availability webpage that "Apple Intelligence: Live Translation with AirPods" won't be available if both the user is physically in the EU and their Apple Account region is in the EU....
Apple held its annual iPhone event on Tuesday, September 9, to unveil the iPhone 17, ultra-thin iPhone Air, iPhone 17 Pro, and iPhone 17 Pro Max.
All of the new iPhone models will be available to pre-order starting Friday, September 12 at 5 a.m. Pacific Time / 8 a.m. Eastern Time in the U.S. and dozens of other countries, according to Apple. The release date for the devices is one week...
While the iPhone 18 Pro and iPhone 18 Pro Max are still a year away, there are already a few rumors about the devices that offer an early look ahead.
If you are skipping the iPhone 17 Pro and want to know about what to expect from the iPhone 18 Pro models, we have recapped a few of the key rumors below.
Under-Screen Face ID
In April 2023, display industry analyst Ross Young shared a...
Apple has confirmed the battery capacities for the iPhone 17, iPhone Air, iPhone 17 Pro, and iPhone 17 Pro Max models that were announced earlier today.
Apple is required to publish energy labels on its iPhone product pages in the EU, and they reveal the official mAh battery capacities for the devices.
Here are the battery capacities for each model, according to Apple:
iPhone 17:...
The first benchmark results for the A19 Pro chip in the iPhone 17 Pro, iPhone 17 Pro Max, and iPhone Air surfaced in the Geekbench 6 database today.
Based on these early results — which are unconfirmed — the A19 Pro chip across the Pro models and the iPhone Air appears to deliver up to 13% to 15% faster multi-core CPU performance compared to the A18 Pro chip in the iPhone 16 Pro...