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New York - Activist investor Carl Icahn has told Apple CEO Tim Cook that the iPhone and iPad maker should launch a $150bn stock buyback immediately and disclosed that he now owns 4.7 million shares in the company.
In a letter to Cook posted online on Thursday, Icahn said he has increased his stake in Apple by 22% from 3.9 million at the end of September.
At Apple's current stock price, that's worth about $2.5bn and amounts to less than a 1% stake in the company.
Icahn wants Apple to launch the buyback at its current stock price, which closed at close to $525 on Wednesday when the letter was sent.
The billionaire investor posted the letter on a new website he launched Thursday, called "Shareholders Square Table."
