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Carl Icahn Wants Apple to buy Back $150 Billion of Shares

Business
Carl Icahn Wants Apple to buy Back $150 Billion of Shares

Carl Icahn, Majority shareholder of Diversified Holding Company, Icahn Enterprises is pressing the CEO of Apple to buy back $150 billion worth of Apple shares. According to a recent tweet from Icahn, he pressed Apple CEO Tim Cook to buy back shares during a dinner. Carl Icahn, among many of his holdings, controls nearly $2 billion worth of Apple stock. He stated that the time to buy back shares is perfect as right now, Apple shares have dropped by over a quarter during the last 12 months.

carl-icahn-i-bought-quite-a-bit-more-apple-stock-today-its-a-no-brainer

Carl Icahn wishes Apple would buy back $150 billion worth of shares, the Technology giant already holds $147 billion in cash, as of July. Icahn stated that raising the remaining funds would not be a problem as the the climate is good for borrowing money, with interest rates pretty low. It’s also worth noting the recent releases of the iPhone 5S and 5C cellphones which have been well received, better than Apple themselves had expected. Apple is also estimated to generate $50 billion next year of free cash-flow. For these reasons, Apple would have no problem being able to buyback such a huge amount of shares.

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