Carl Icahn says he bought more Apple stock as the activist investor tries to increase pressure on the technology company to share more of its giant cash hoard with shareholders. "Having purchased $500 million more $AAPL shares in the last two weeks, our investment has crossed the $3 billion mark yesterday," Icahn wrote on Twitter Wednesday morning. Apple's board of directors "is doing great disservice to shareholders by not having markedly increased its buyback," Icahn also tweeted. An "in-depth" letter will follow soon, he added. Apple spokesman Steve Dowling did not respond to an e-mail seeking comment on Wednesday. Icahn is one of the best known activists, a type of investor who takes large positions in companies that are either under-performing or sitting on a lot of cash. These investors usually push management and directors to change strategies, sell the company or return money to shareholders through share buybacks or increased dividends. Icahn disclosed his Apple position on Twitter in August, when the stock was trading at $468 . Since then, the investor said his firm has been buying more shares, repeating his opinion that the investment is a "no brainer." Apple shares rose 0.5% to $551.70 in trading Wednesday. The stock traded as high at $700 in September 2012 , but it has fallen on concern cheaper alternatives to the company's iPhone and iPad are pressuring profit margins and revenue growth. Apple had almost $150 billion in cash at the end of its 2013 fiscal year. In April, the company said it planned to return $100 billion to shareholders in the form of buybacks and dividends through the end of the 2015 calendar year. That made the company one of the largest dividend payers and share re-purchasers in the world. But Icahn is pushing for more. At Apple's upcoming annual shareholder meeting, he plans to propose that the company commit to buy back at least $50 billion of its stock in its 2014 fiscal year. "If you step back and see what Apple, CEO Tim Cook and the board are doing, I don't think it's a cash-management problem," said Trip Chowdhry , managing director of Global Equities Research . "The problem is how do they think big, bold and bravely." Instead of worrying about the size of Apple buybacks and dividends, the focus should be on building the next big industry, the analyst added.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Will Missing Malaysian Jet Prompt Aviation System Change?
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Natural Gas Discovery Could Lead to Cleaner Fuels