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Carl Icahn Pushed for $150 Billion Stock Buyback at Dinner with Apple CEO Tim Cook [Update: Has $2 Billion Invested]

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Original poster
Apr 12, 2001
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Activist investor Carl Icahn has just issued a Tweet sharing that he had a "cordial" dinner with Apple CEO Tim Cook last night where he pushed for an increased stock buyback of $150 billion. According to Icahn, the two will revisit the subject later this month.

icahn_dinner_buyback.jpg
The stock buyback portion of Apple's capital return program was originally set at $10 billion when it was announced in March 2012, but in April of this year the company announced a significant increase to $60 billion as Apple has sought to take advantage of a drop in the company's stock price to repurchase shares at relatively low prices. Icahn believes that Apple's stock remains undervalued, and thus is pushing Apple to increase the buyback even further.

Icahn took a "large position" in Apple, said to be in the neighborhood of $2 billion, back in August and noted shortly after that he would be having dinner with Cook to discuss the company's buyback plans. That dinner meeting was held yesterday in New York City.

Update: Carl Icahn spoke with CNBC this afternoon, giving additional details about his dinner with Tim Cook and his increased position in Apple.

Via Time reporter Sam Gustin, Icahn said he believes Tim Cook is "doing a damn fine job", management "is not an issue", and that he doesn't "micromanage". He said he is "not going away" until Apple executives "hear a lot more from me."

Icahn also revealed that he purchased several hundred million dollars worth of shares on the recent dip in Apple's stock price and he now holds $2 billion worth of stock.

Article Link: Carl Icahn Pushed for $150 Billion Stock Buyback at Dinner with Apple CEO Tim Cook [Update: Has $2 Billion Invested]
 
Article Link
https://www.macrumors.com/2013/10/01/carl-icahn-pushed-for-150-billion-stock-buyback-at-dinner-with-apple-ceo-tim-cook/
Z

zgh1999

macrumors 6502
May 27, 2007
277
0
Tim Cook is now in danger of undoing all that Jobs has achieved at Apple, in RECORD TIMING.

I hope Tim Cook and Apple's Board wise up soon -- if not, it would be all too late and this would be the beginning of the end for Apple.

Even as an Apple shareholder, I cannot tell Tim Cook how to act as a mature CEO, who to have dinner or lunch with, or whether spending most of his time as CEO slavishly defending iPhone's screen size is appropriate or not. But seriously, what is he thinking? Having dinner and courting a guy like Icahn.

Does he even have any clue about Wall Street and Icahn?

Just look at Dell if Cook is clueless and wants to have a preview of what Apple would be like having someone like Icahn on board in a couple of years time.
 
Last edited:
Tankmaze

Tankmaze

macrumors 68000
Mar 7, 2012
1,707
351
HenryDJP said:
My take is you probably didn't understand the article well enough so that's all you had to say? :D.
Click to expand...

Ha, you're right. :D
What I understand was some rich dude got $150 billion to buy apple stock,
and that's it..
 
wrkactjob

wrkactjob

macrumors 65816
Feb 29, 2008
1,357
0
London
When Carl mentioned the $150 billion figure at dinner I wonder if he was tempted to raise his little finger to his lips?

Though personally I tend to think people that rich have lost their sense of humour so probably not.
 
giantfan1224

giantfan1224

macrumors 6502a
Mar 9, 2012
870
1,115
zgh1999 said:
Tim Cook is now in danger of undoing all that Jobs has achieved at Apple, in RECORD TIMING.

I hope Tim Cook and Apple's Board wise up soon -- if not, it would be all too late and this would be the beginning of the end for Apple.

Even as an Apple shareholder, I cannot tell Tim Cook how to act as a mature CEO or whether spending most of his time as CEO slavishly defending iPhone's screen size is a appropriate or not. But seriously, what is he thinking? Having dinner and courting a guy like Icahn.

Does he even have any clue about Wall Street and Icahn?

Just look at Dell if Cook is clueless and wants to have a preview of what Apple would be like having someone like Icahn on board in a couple of years time.
Click to expand...

You should be careful who you call clueless.
 
O

osx11

macrumors 6502a
Jan 16, 2011
825
0
Stock Buyback is when a company uses its cash to buy back a portion of the outstanding shares in the company. This means that the share of the company held by the public decreases and the company becomes less public-owned and more private-owned.
 
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