updated 12:39 pm EST, Tue January 28, 2014
Investor's stake surpasses $4 billion
Activist investor Carl Icahn has bought another $500 million in Apple stock, according to an official Twitter post. "Just bought $500 mln more $AAPL shares. My buying seems to be going neck-and-neck with Apple's buyback program, but hope they win that race," he writes. Just last week he purchased another $500 million; in total, he now has over $4 billion in Apple holdings.
The investment is presumably taking advantage of a slump in Apple shares after the company's first-quarter financial results. Icahn has claimed for months that Apple's stock is significantly undervalued, and has been pushing for an expanded share buyback program on top of the $60 billion the company is already planning to spend. His proposal would see the company spend an extra $50 billion during 2014.
Shareholders are due to vote on the proposal next month at Apple's annual shareholders' meeting. Even if it passes, though, the submitted measure would only be advisory, allowing Apple executives to go their own direction.