updated 10:31 am EST, Fri November 15, 2013
Letter to Cook confirms $2.5 billion in share holdings
Investor Carl Icahn has publicly released a letter he originally sent to Apple CEO Tim Cook in late October. The letter -- issued to shareholders overnight -- confirms that Icahn now owns roughly $2.5 billion in Apple stock, and continues pushing for expanding the company's share buyback program from $60 billion to $150 billion, while having it take effect immediately instead of running through 2015. Icahn claims that his plan could ultimately raise Apple's share price to as high as $1,250, which would make it more valuable than Google.
The letter predates Icahn's recent "good conversation" with Cook. It's unclear though if Apple executives are genuinely interested in Icahn's proposal; neither party has commented on the progress of talks, and Icahn himself admitted that an early dinner meeting became "testy" over whether shareholders should get involved in deciding how Apple executives spend cash.