Investor Carl Icahn Dumps Apple Shares Over China Concerns

carl_icahn_potraitBillionaire Carl Icahn, who has been buying large amounts of Apple stock over the past three years, today told CBNC that he sold his stake in the company.

"We no longer have a position in Apple," Icahn told CNBC's "Power Lunch" on Thursday, noting Apple is a "great company" and CEO Tim Cook is "doing a great job."

Icahn, who sold his shares earlier this year, said that he did so based on worries over China's attitude towards Apple. Earlier this month, the Chinese State Administration of Press, Publication, Radio, Film and Television forced Apple to take down the iTunes Movies and iBooks stores, and Chinese officials believe that Apple is "too deeply established" in core industries in the country.

Apple sales also fell 26 percent in greater China in the second quarter of 2016.

"You worry a little bit -- and maybe more than a little -- about China's attitude," Icahn said, later adding that China's government could "come in and make it very difficult for Apple to sell there... you can do pretty much what you want there."

He added, though, that if China "was basically steadied," he would buy back into Apple.

Prior to exiting his position, Icahn held 0.8 percent of outstanding shares. He told CNBC that he made approximately $2 billion on Apple and that he continues to view the stock as "cheap."

Apple shares have been on the decline since Tuesday's earnings call, where the company announced its first ever drop in iPhone sales and its first year-over-year revenue drop in 13 years. Apple stock is down approximately 2 percent today.

Top Rated Comments

farewelwilliams Avatar
62 months ago
Finally, we'll no longer have to see his creepy smile.
Score: 78 Votes (Like | Disagree)
spiderman0616 Avatar
62 months ago
Fixed the headline for you:

"Carl Icahn Pumps and Dumps AAPL And Makes $2 billion."

The Wall Street garbage I've read today is making me feel like the entire world has gone insane.
Score: 63 Votes (Like | Disagree)
captain cadet Avatar
62 months ago
Apple's bubble has burst sadly, the lack of innovation is showing - I got an iPhone 6S and there is no ground breaking technology in it as such - Pressure sensitive screen is nice but still I rather it be waterproof or bigger battery. 16 GB is stupidly small also...
I remember having a iPad 3 and it's probably my pinnacle Apple Product. It never Crashed, it was lighting fast (not as slow as its now), it looked good (still does I think) and I used it and loved it!
My Macbook Pro crashes randomly, It feels incomplete in some places in the os (looking at you app store, iTunes, external keyboard, mouse support), but then again I prefer it to my Windows 10 laptop (god that is just awful)
My iPhone works mostly but the batter is no where special on it, the camera could have been better and should have been more waterproofed (like they are more water proof than iPhone 6 but I mean Apple Watch quality). The Samsung Galaxy S6 edges out the iPhone I hate to say and I could have well ended up with a Samsung Galaxy S6.

Apple - "Forward Thinking" and "Think different" seems to fade away
Score: 39 Votes (Like | Disagree)
Kaibelf Avatar
62 months ago
I can't say his stance is wrong. China is being unusually aggressive about trying to stop Western influence. The USSR tried that as well, and it ended up costing them dearly in the end. People will naturally flock to the "forbidden fruit" out there.
Score: 23 Votes (Like | Disagree)
amirite Avatar
62 months ago
Anyone notice Icahn is an anagram of China? Illuminati confirmed.
Score: 22 Votes (Like | Disagree)
longofest Avatar
62 months ago
I expected no less than a pump and dump scheme from him.
Score: 21 Votes (Like | Disagree)

Top Stories

iphone 5s black slate

Images of Unreleased iPhone 5s in Black and Slate Shared Online

Sunday January 17, 2021 9:47 am PST by
Twitter user @DongleBookPro has today shared images of a prototype iPhone 5s in an unreleased Black and Slate color. The iPhone 5s was launched in September 2013. The device featured Touch ID, a 64-bit processor, and a True Tone LED flash for the first time. Other new features included a five-element lens with an f/2.2 aperture, a 15 percent larger camera sensor, Burst Mode, and Slo-Mo...
iP12 charge airpods feature 2

Hidden iPhone 12 Hardware Feature Could Still be Unlocked

Thursday January 14, 2021 2:51 am PST by
All iPhone 12 and iPhone 12 Pro models purportedly have a hidden reverse wireless charging feature, according to an FCC filing. The feature has not yet been activated, but could yet be unlocked for an upcoming Apple accessory. The FCC filing suggests that iPhone 12 models contain the hardware for Wireless Power Transfer (WPT) to accessories: In addition to being able to be charged by a...
Top Stories 43 Feature

Top Stories: MacBook Pro, iMac, Mac Pro, and iPhone Rumors, Best of CES 2021

Saturday January 16, 2021 6:00 am PST by
This week was sure a busy one in the Apple world, with a flurry of announcements out of CES early in the week followed by a rash of Mac- and iPhone-related rumors later in the week. The new rumors this week included details on updated MacBook Pro, iMac, and Mac Pro models, as well as a few other tidbits, so make sure to read on below to get caught up! Kuo: New MacBook Pro Models to...
macbook pro flexgate

Apple Extends 13-Inch MacBook Pro Backlight Repair Program

Sunday January 17, 2021 10:31 am PST by
Apple this week extended its worldwide 13-inch MacBook Pro Display Backlight Service Program, authorizing coverage for eligible notebooks for up to five years after the original purchase date or up to three years after the start date of the program, whichever is longer. The previous cutoff was four years after the original purchase date. Apple launched the program on May 21, 2019 after...
foldable iPhone concept feature

Apple Testing In-Display Fingerprint Sensor for iPhone 13, Foldable iPhone Also in the Works

Friday January 15, 2021 1:46 pm PST by
Apple has started "early work" on an iPhone that has a foldable display, according to a new report from Bloomberg's Mark Gurman. Though testing of a foldable iPhone has begun, Apple has not committed to releasing a device that has a foldable display. Development has not yet expanded beyond a display and Apple does not have full foldable iPhone prototypes in its labs. Like foldable...
google maps detailed street level e1611052089473

Google Maps Gains Enhanced Street-Level Detail in Four Major Cities

Tuesday January 19, 2021 2:34 am PST by
Google Maps has quietly been updated to include significantly more detailed street-level information in a handful of key cities around the world. Upon zooming in, Google's maps for Central London, Tokyo, San Francisco, and New York now benefit from shapes and widths that match the scale of roads more accurately. Meanwhile, enhanced graphical representations of sidewalks, crosswalks,...
16inchmacbookpromain

Kuo: New MacBook Pro Models to Feature Flat-Edged Design, MagSafe, No Touch Bar and More Ports

Thursday January 14, 2021 9:32 pm PST by
Apple is working on two new MacBook Pro models that will feature significant design changes, well-respected Apple analyst Ming-Chi Kuo said today in a note to investors that was obtained by MacRumors. According to Kuo, Apple is developing two models in 14 and 16-inch size options. The new MacBook Pro machines will feature a flat-edged design, which Kuo describes as "similar to the iPhone 12" ...
macbook pro screensaver table

Some M1 Macs Affected By Fast User Switching Screensaver Bug

Monday January 18, 2021 1:57 am PST by
A growing number of user reports online suggest some of Apple's M1 Mac models are susceptible to a Fast User Switching bug that spontaneously activates the screensaver and leaves the user unable to dismiss it. In macOS Big Sur, Fast User Switching allows users to quickly switch between user accounts without having to completely log out. Based on posts in the MacRumors forums, Apple...
iphone x camera close

iOS 14.4 Will Introduce Warning on iPhones With Non-Genuine Cameras

Thursday January 14, 2021 8:07 am PST by
In the second beta of iOS 14.4 seeded to developers and public testers this week, MacRumors contributor Steve Moser has discovered code indicating that Apple will be introducing a new warning on iPhones that have had their camera repaired or replaced with aftermarket components rather than genuine Apple components. "Unable to verify this iPhone has a genuine Apple camera," the message will...
apple fitness plus burn bar

Fitness+ Subscribers Now Have Nearly 300 Workouts to Choose From

Monday January 18, 2021 3:24 am PST by
Apple on Monday added over two dozen new video workout sessions to Fitness+, continuing a recent trend of building out the catalog of its fledgling subscription service on a weekly basis. Fitness+ launched December 14, 2020, and is designed to help Apple Watch owners keep fit through a series of guided workouts that are available across multiple workout categories. As you follow along with...