Icahn Urges Apple’s Cook to Accelerate Share Buybacks
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Billionaire activist investor Carl Icahn renewed pressure on Apple Inc. Chief Executive Officer Tim Cook to accelerate buying back the company’s stock, saying the shares are trading at half their value.
Icahn made his demands today in an open letter to Cook, saying “our valuation tells us that Apple should trade at $203 per share today,” which would put the company’s market capitalization at more than $1.2 trillion. The stock rose less than 1 percent to $101.02 at today’s close in New York. Icahn Associates Corp. owns about 0.9 percent of the company’s shares.