Thursday, March 16, 2023
HometechnologySlow down Carl: Not all Apple shareholders want an big share buyback

Slow down Carl: Not all Apple shareholders want an big share buyback

For months, Carl Icahn has been pushing Apple CEO Tim Cook to use the company's $158 billion war chest to buy back company shares, and hopefully substantially boost its stock price.

But not every Apple shareholder agrees with that strategy, and at least one big one doesn't appreciate Icahn's activism.

Ken James | Bloomberg | Getty Images

"It's the tail wagging the dog. [Icahn's] recent letter was rambling and contradictory," says Anne Simpson, senior portfolio manager of investments and director of corporate governance for the California Public Employees' Retirement System.

CalPERS is the largest pension fund in the United States with more than $285 billion in assets under management, and it owns close to $1.6 billion in Apple shares.

(Read more: Apple board advises vote against Icahn's buyback proposal)

"There are owners, raiders and traders. We're an owner and have been of Apple for a very long time. Mr. Icahn is a raider and he's an echo chamber who engages in megaphone diplomacy," Simpson added.

Simpson's comments come as Carl Icahn tweeted Tuesday that he "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." With his most recent purchase, Icahn's Apple holdings are roughly worth $4.1 billion.


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