Billionaire Carl Icahn of Icahn Enterprises announced Tuesday that he has invested a lot of money in Apple. Icahn said he made the investment because he and his business believe that Apple is currently “extremely undervalued.” Wall Street investors might debate that claim following the stock’s drop earlier this year, though that was attributed to sell-offs and a natural adjustment to market conditions.
“Had a nice conversation with Tim Cook today,” Icahn said on his Twitter account. “Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly.” Icahn did not disclose how big of a stake he purchased, though that should be revealed once regulatory documents are filed.
Apple’s stock ended the day at $489.57, up 4.75 percent on the news. Its 52-week high is $705.07.