Icahn Backs Off Apple Share Buyback Proposal

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Icahn Backs Off Apple Share Buyback Proposal

by Wochit 0:47 mins

Icahn Backs Off Apple Share Buyback Proposal

by Wochit 0:47 mins

Activist investor Carl Icahn is backing off his proposal for a larger share buyback plan from Apple. In a letter issued Monday , Icahn says he will no longer pursue efforts to convince the tech titan to accept a $50 billion share buyback proposal. citing Apple's recent buyback of $14 billion in shares last week. On Sunday, proxy advisor firm ISS advised shareholders to vote against Icahn's plan, reports Reuters , saying the company has already returned money to shareholders through "aggressive stock buybacks and divident payouts." Icahn owns a $3.6 billion stake in Apple.

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