On Thursday, Carl Icahn, the controversial Apple stockholder, revealed a seven-page letter to the Apple shareholders with a view to gaining the support for its proposal which will be raised in the upcoming stockholder’s meeting.
Icahn stated that Apple’s board should advocate his plan of increasing share buyback. He also stated that the current price of Apple stock, $555, would have raised to $840 if the earning ratio and the average P/E across S&P 500 were same.
Again, Icahn informed that he had bought an additional Apple share of $500 Million, ultimately increasing his total stock to $3.6 billion.
According to Mac Rumors, Icahn tweeted, “Bought another $500mil of $AAPL tday, bringing our total to $3.6 billion. If board doesn’t see AAPL’s ‘no brainer’ value we sure do.’
Icahn has been relentlessly pushing Apple for the massive share buyback program, for which he has been criticized by most of the people.