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 This material may not be published, broadcast, rewritten or redistributed.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
- Neighbor Warns Chris Brown to Stay Off His Property
- Adrienne Bailon Disses Ex-Lover Rob Kardashian
- Hiring on the Rise at Small Businesses
- NSHMBA Names Lincoln as Automotive Partner
- Hispanic Arts Leaders Unite Across the Border
- Islamic State Fights for Control of Syrian Oil Wealth
- How to Fit Green Energy Into Your Portfolio
- Venezuelan Officials Banned From Traveling in U.S.
- Jerry Brown Favors More Shelters for Immigrant Kids
- Sanctions Will Hit Russia Hard if Not Lifted Quickly