Carl Icahn isn’t done buying Apple!
In a new tweet he says he bought $US5oo million more Apple shares bringing his total to $US3 billion:
Apple thinks this would be a big mistake. In a proxy filing Apple told shareholders that they should not vote for Icahn’s proposal.
Apple says it is already returning a lot of money to shareholders: “Dividends and share repurchases must be funded by domestic cash, and the Company has returned to shareholders or invested all of the domestic cash generated by its business and raised through the issuance of debt since the beginning of the program.”
To return more money would either require repatriating its cash and taking a tax hit, or raising more debt, which is not what Apple needs.