Carl Icahn to send open letter to Apple CEO Tim Cook on October 9
In a post on the Twitter microblogging site on Wednesday, billionaire activist investor Carl Icahn said that he will send an "interesting" open letter to Apple CEO Tim Cook on Thursday. In a tweet via his handle @Carl_C_Icahn, the high networth investor said in a cryptic note posted on Twitter on October 8: "Tmrw we'll be sending an open letter to @tim_cook. Believe it will be interesting."
Though Icahn remained unavailable for any further comments, he also said in his post that, nearly one year back, his fund had announced a large position in Apple; and noted that, since then, the Apple stock has witnessed an increase of 50.6 percent.
In his past requests to Apple, Icahn has asked the tech giant to return more of its cash to shareholders. In addition, he has also put pressure on Apple for $150 million more in share buybacks, and had also asked the company to increase its "capital return program."
Meanwhile, with regard to Icahn's "interesting" open letter that he plans to send to Cook, analyst Patrick Moorhead - president of Moor Insights & Strategy - has speculated that Icahn would probably push for shareholders to get more of Apple's cash, either through a stock buyback or dividend.
Speculating what he describes as "classic Carl Icahn activity," Moorhead said that Icahn's letter to Cook will apparently be "about shareholders getting more of the cash and Apple getting less of the cash."
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