iCahn? Billionaire activist invests in Apple

Macworld Australia Staff
14 August, 2013
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Update: The Wall Street Journal has reported that Icahn’s investment stake was valued at over US$1.5 billion, which means that Icahn himself would have pocketed around US$50 million, just from the rise in the market caused by his two simple tweets. 

In a welcome bit of positive reporting for Apple, news has spread that the billionaire US activist investor Carl Icahn has made a substantial investment in the Cupertino California company.

The AllThingsD website has reported that Icahn, who has been vying to take over Dell and battling CEO Michael Dell in the courts, has now taken a “large position” in Apple.

Tweeting about the investment, Icahn seemed very pleased with the arrangement, while not disclosing the figures involved or to what extent he believes the company to be “undervalued”.

 

The investment was confirmed by Apple, which sent a statement to AllThingsD saying, “We appreciate the interest and investment of all our shareholders. Tim had a very positive conversation with Mr Icahn today.”

The news was well-received on Wall Street with shares of Apple rising more than four percent to US$484 just before 3pm Eastern Time. This reversed recent trends, which have seen Apple shares falling more than 12 percent since the start of the year.

Carl Ichan is a dedicated Twitter user, announcing recently that he intended to use the social messaging service to “communicate with the public about our company and other issues”. His fondness for the medium was expressed in a recent notable rant aimed at his current adversary, Michael Dell. On 25 July, he poetically tweeted, “All would be swell at Dell if Michael and the board bid farewell.”

It’s to be hoped that this new relationship with Apple doesn’t sour in a similar fashion. ‘Cook’ just has too many unflattering and unfortunate rhymes…

by Macworld Australia staff

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