Billionaire Carl Icahn Tweets Claim of a ‘Large Position’ in ‘Extremely Undervalued’ Apple Stock
"We currently have a large position in Apple. We believe the company to be extremely undervalued," Icahn stated in a Twitter post. "Spoke to Tim Cook today. More to come.
A short while later, Icahn posted a follow-up tweet indicating he had a "nice conversation" with Cook and that he shared his "opinion that a larger buyback should be done now." The two plan to speak again soon, according to Icahn's view of events as they went down.
According to Bloomberg, Icahn's stake in Apple is more than $1 billion, of which he accumulated over the past month. That's obviously a monumental sum, though it's less than a quarter of 1 percent of Apple's $444.8 billion market capitalization. Nevertheless, Icahn has a way of stirring the pot, and right now he's tossing it out there that Apple's stock can rise to over $600 per share through a larger buyback, if not higher, versus the $489 per share it's trading at currently.