Why is there so much negativity here on this board? I applaud every time when he buys Apple shares. Apple is not one of the smaller companies that he could manipulate. Even if he had $5b invested in Apple, it's still just 1%.
Apple will be just fine, regardless if the managements choose to buyback more shares or not. Just relax. He won't be able to 'destroy' Apple even if he tries to.
That's why Icahn wants a buy-back. Every buy-back increases his share of the company and ability to influence the board without spending his own money. Icahn wants less shares on the market so his share represents a greater percentage of outstanding shares and he can therefore sway shareholder votes more. The more he can do this then he will be able to build up steam to further increase his influence. Icahn recognizes that Apple is a money-printing machine. He is making a play to control that machine and line his own pockets.