Carl Icahn ups ante in crusade for Apple buyback

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Associated Press

Posted on December 4, 2013 at 5:00 PM

Updated Wednesday, Dec 4 at 7:02 PM

SAN FRANCISCO (AP) — Activist investor Carl Icahn is seeking the support of Apple shareholders as he tries to pressure the iPhone maker into spending more of its cash to buy back the company's stock.

Icahn is upping the ante with a shareholder proposal that he submitted to Apple last week. The investor disclosed the move in a Wednesday post on his Twitter account and elaborated on his reasoning in an exclusive interview published by Time magazine.

Apple confirmed it has received Icahn's proposal, but didn't reveal anything about its content.

Icahn had previously urged Apple Inc. to spend $150 billion buying back its shares. In his tweet, Icahn said his shareholder proposal isn't asking the Cupertino, Calif., company to spend that much. He didn't specify a new target amount.

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