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AAPL Stock: 126.44 ( -0.16 )

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Greenlight CEO Einhorn grows stake in Apple stock, cites buyback

updated 06:18 pm EDT, Tue May 7, 2013

CEO filed suit against apple in February for 'iPref' stock

In Greenlight Capital Investor's quarterly earnings conference call, Chairman David Einhorn revealed that he has grown his stake in the company. The move was made in reaction to Apple's announcement of the $100 billion share repurchase, and record-breaking dividend program which he called "a major step forward" for the Cupertino manufacturer.

"We've added to our Apple position," Einhorn said in the conference call. "Now, we just wait for the release of Apple's next blockbuster product." No firm details are available regarding how many shares were purchased, but a SEC filing should be filed shortly with the details.

Einhorn was famously responsible for a legal scheme to force Apple to offer "iPref" preferred stock shares, only giving up his effort when Apple separated a bundled proposal to shareholders in the annual meeting in March. Einhorn claimed that the proposal violated a Securities and Exchange Commission rule against bundling multiple proposals together, and would prevent a preferred stock plan the firm wanted. Apple, for its part, said that the SEC had already reviewed the measure, and that if passed the initiative would've actually benefited shareholders by giving them a vote over issuing preferred stock.




by MacNN Staff

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Comments

  1. Geoduck

    Junior Member

    Joined: 01-14-10

    Greedy Weasel

  1. Bobfozz

    Fresh-Faced Recruit

    Joined: 07-28-08

    your comment

  1. prl99

    Mac Enthusiast

    Joined: 03-24-09

    Of course this "weasel" doesn't care about Apple only about making money. He could jump ship at any time to find some other stock he could manipulate for his own good.

  1. OldMacGeek

    Fresh-Faced Recruit

    Joined: 08-04-10

    Well of *course* he increased his stake in AAPL. You know, right after he had his lawsuit hissy-fit and manipulated the stock downwards enough to pick up some shares cheap.

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