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Investor Carl Icahn issues letter to Apple CEO Tim Cook

updated 04:32 pm EDT, Wed October 23, 2013

Contents to be shown tomorrow

Wealthy investor Carl Icahn has issued a letter to Apple CEO Tim Cook, a Twitter post confirms. Icahn states that the contents of the letter will be revealed tomorrow at a new website, the Shareholders' Square Table. A CNBC source says that letter continues Icahn's campaign for a larger share buyback program.

Icahn met for dinner with Cook and Apple CFO Peter Oppenheimer at the end of September. While Icahn initially claimed that the meeting was "cordial," he later admitted to CNBC that it was a "a little testy," with the two sides disputing whether shareholders should get involved in how Apple executives spend cash. "The board is not God," Icahn told the news agency. "And the board, in this kind of a case, should be listening to what the shareholders want."

The investor has over $1.5 billion in Apple shares, and has been pushing Apple to expand its share buybacks -- due to complete in 2015 -- from $60 billion to $150 billion. If it was paid for in one go, Icahn's proposal would deplete most of the company's current cash reserves, the majority of which are overseas.




by MacNN Staff

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Comments

  1. TheGreatButcher

    Mac Enthusiast

    Joined: 06-11-00

    Typical Icahn strategy: get rich quick now, bail out, and to hell with the long term health of the company.

  1. xomniron

    Fresh-Faced Recruit

    Joined: 10-17-13

    I agree. While I think the free market should be allowed to operate, a la Adam Smith and Milton Friedman, investors like Carl Icahn distort the market because of the amount of money they control. George Soros is another short-term, quick profit investor who does that, to the detriment of the free market. Apple is an attractive investment because the officers of the company focused on building insanely great products, not on money. Icahn is trying to change that. Stand firm Tim.

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