Billionaire investor Carl Icahn is pressuring Apple to spend $150 billion buying back its own stock, more than double what the company has budgeted.
In a Tuesday statement posted on his Twitter account, Icahn said he laid out his demands during a Monday dinner with Apple CEO Tim Cook.
The meeting came seven weeks after Icahn disclosed that he had acquired a significant stake in Apple Inc. because he believes the maker of the iPhone and iPad has been undervalued by investors worried about the Cupertino, Calif., company's slowing growth amid tougher competition.
As part of its effort to appease Wall Street, Apple already has pledged to spend $60 billion buying back its stock by the end of 2015.
Apple didn't immediately respond to requests for comment.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Original headline: Icahn wants Apple to spend $150B buying its stock
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- What to Expect From an Amazon Smartphone
- Clinton Sought GOP Support for Health Plan
- Auto Parts Plant Opening in Pa., Jobs on Tap
- Earnings Season Starts Rough for Health Insurers
- Saucedo Mercer Running on Empty in Arizona
- Spring Salmon Return to San Joaquin
- Venture Investments in U.S. Highest Since 2001
- IPO Market Shows Signs of Settling Down to Earth
- 'Beige Book' Federal Reserve Survey, April 2014: Full Text