Regardless of whether you think Apple’s falling share prices are justified or the result of bozos who don’t understand how Apple works, one person is seemingly happy with the immediate response to Apple’s recent financial quarter: Carl Icahn.
Icahn purchased another $500 million of Apple stock on Tuesday — boosting his stake in Apple to more than $4 billion. He announced the investment via Twitter, while Apple’s shares traded down by around 8 percent following the company’s quarterly report.
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.
— Carl Icahn (@Carl_C_Icahn) January 28, 2014
Icahn later described Apple shares as “very cheap, [t]hey are going at six to seven times earning. It’s not like we are holding something that is trading at 100 times earnings.”
Source: Reuters
Luke Dormehl is a U.K.-based journalist and author, with a background working in documentary film for Channel 4 and the BBC. He is the author of The Apple Revolution and The Formula: How Algorithms Solve All Our Problems … and Create More, both published by Penguin/Random House. His tech writing has also appeared in Wired, Fast Company, Techmeme and other publications.
