Carl C. Icahn, the billionaire activist hedge fund manager with a penchant for rattling corporate boards, is poised to fight his next battle over Apple on Twitter.
In less than 140 characters, Mr. Icahn said on Tuesday that he “pushed hard†for Apple to do a $150 billion stock buyback during a “cordial dinner with Tim last night.†The Tim he is referring to, of course, is Timothy D. Cook, the chief executive of Apple.
But what Mr. Icahn means by “cordial†may come down to interpretation.
Speaking later on CNBC, Mr. Icahn said he thought the dinner, which took place at his apartment, “went well†but added that he was unlikely to be invited to anyone’s home for Christmas dinner. But, he added, “I can promise you that I’m not going to go away.â€
It’s also not clear whether the atmosphere became a little heated when the dinner conversation turned to how the board would respond to Mr. Icahn’s requests.
“The board doesn’t have the divine right of kings,†Mr. Icahn said on CNBC, as he recounted the dinner.
He is agitating for Apple to borrow money to buy back more shares. “The fact that you can borrow money so cheaply†presents a “golden opportunity†for Apple to return cash to shareholders, he said.
A spokesman for Apple could not be immediately reached for comment.
Mr. Icahn’s campaign began on Aug. 13 with a tweet that disclosed he had accumulated a “large†position in Apple and said he thought the company was “extremely undervalued.†A week later, again through Twitter, Mr. Icahn said that Mr. Cook “believes in a buyback†but that the size would be discussed.
This is not Mr. Cook’s first encounter with a colorful hedge fund manager. Earlier this year, David Einhorn, of Greenlight Capital, accused the company of hoarding cash. In April, the company buckled under pressure from Mr. Einhorn and said it would increase the amount of shares it would repurchase to $60 billion from $10 billion.
Shares of Apple were up by as much as 2.1 percent in midday trading on Tuesday, to $486.67, compared with a 0.9 percent gain for the Nasdaq.
