New Tweet, Same Story: Icahn Pressures Apple to Boost Buybacks

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Carl Icahn, Herbalife, Netflix

Activist investor Carl Icahn opened his mouth on Twitter (NYSE:TWTR) again Wednesday, tweeting to his followers that he bought $500 million more shares in Apple (NASDAQ:AAPL) in the past two weeks, bringing his total investment to more than $3 billion.

However, it is clear that Icahn wasn’t only on Twitter Wednesday to share the Apple share-buying news — he was also using the social media platform to once again pressure the Cupertino, California-based company into boosting its share buyback program, a move that Apple has been avoiding for months now. Icahn followed his buyback tweet with:

Icahn’s pressure on Apple to return more cash to shareholders is nothing new. According to Reuters, the investor has lashed out against Apple since August, urging CEO Tim Cook to agree to a $150 billion buyback; however, the chief executive has refused. Icahn has since scaled down those demands, filing a shareholder proposal with Apple for a smaller additional stock buyback plan of $50 billion in December, but compromises still have yet to be made. Even after Icahn met Cook for a dinner in early October, the two parties still couldn’t come to an agreement, and the investor wrote yet another note to the chief executive later that month, again pressuring Apple to initiate a larger buyback of its own shares.

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