Submitted by Jon Reed on
Billionaire investor Carl Icahn saw a golden opportunity on Tuesday morning after Apple shares fell nearly 8% in after hours trading on Monday, and bought another $500 million worth of Apple stock. He announced to the Twitter world, "Just bought $500 mln more $AAPL shares. My buying seems to be going neck-and-neck with Apple's buyback program, but hope they win that race."
This comes just a week after he purchased $1 billion worth of Apple. His total holdings in the tech giant now approach $4 billion. Icahn has voiced his displeasure with Apple in recent weeks, urging the company to use its enormous cash reserves
to buy back stock (which, incidentally, would drive share prices up and make some money for share holders). Apple is buying back stock, but not quite at the clip Icahn wants. He has pushed for a buy back of $50 billion for the current fiscal year, but Apple only repurchased $5 billion in Q1, putting it on pace for $20 billion for the year.
Despite all this, Icahn, according to CNBC, thinks management "seems to be doing the right thing in running the business," and he considers his stock purchase a "no brainer." He also believes that Apple has big plans for this year, and that Tim Cook's repeated promises of products coming out in entirely new categories should not be underestimated.