in Share With Other Members
Wed May 29, 2019 12:33 am
• 336 Posts
Billionaire activist investor Carl Icahn said Thursday he had sold his entire stake in Apple Inc Danton Heinen Bruins Jersey , citing the risk of China's influence on the stock. Icahn, in an interview with cable television network CNBC, also said he was "still very cautious" on the U.S. stock market and there would be a "day of reckoning" unless there was some sort of fiscal stimulus.
Icahn had been a huge cheerleader of Apple, acquiring a stake in the company almost three years ago, repeatedly calling the investment a "no brainer."
In an open letter to Apple Chief Executive Officer Tim Cook in May 2015 Zdeno Chara Bruins Jersey , Icahn had argued that shares of the iPhone maker were worth $240, about 90 percent more than they had been trading. At $240 a share, Apple's market cap would be $1.4 trillion, Icahn asserted.
Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York February 11, 2014.
But Icahn Brandon Carlo Bruins Jersey , who owned 45.8 million Apple shares at the end of last year, said China's economic slowdown triggered his decision to exit his position entirely.
"We no longer have a position in Apple. Tim Cook did a great job. I called him this morning to tell him that and he was a little sorry, obviously. But I told him it's a great company," Icahn said. "In Apple today as opposed to six months or a year ago, in this one Riley Nash Bruins Jersey , there’s no need for activism because I think they have a great management. But you worry a little bit, maybe more than a little, about China."
Earlier this month, China shut down Apple’s iTunes movies and iBooks stores within the country, following Beijing's introduction of regulations in March imposing strict curbs on online publishing Anders Bjork Bruins Jersey , particularly for foreign firms.
Asked when he might get back in, Icahn replied: "I don’t think it’s the price point. I think it's my opinion about what is happening with China. I think the stock is very cheap on a multiple basis. China