Icahn wants Apple to spend $150B buying its stock

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Associated Press

Posted on October 1, 2013 at 2:07 PM

SAN FRANCISCO (AP) — Billionaire investor Carl Icahn is pressuring Apple to spend $150 billion buying back its own stock, more than double what the company has budgeted.

In a Tuesday statement posted on his Twitter account, Icahn said he laid out his demands during a Monday dinner with Apple CEO Tim Cook.

The meeting came seven weeks after Icahn disclosed that he had acquired a significant stake in Apple Inc. because he believes the maker of the iPhone and iPad has been undervalued by investors worried about the Cupertino, Calif., company's slowing growth amid tougher competition.

As part of its effort to appease Wall Street, Apple already has pledged to spend $60 billion buying back its stock by the end of 2015.

Apple didn't immediately respond to requests for comment.

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