Shares in Apple edged higher on Wednesday after Carl Icahn promised to send an "interesting" letter to chief executive Tim Cook.
Apple shares were up 2 per cent at $100.73 in late afternoon trading in New York after Icahn teased the letter on Twitter.
The billionaire activist investor also noted his fund sent an open letter to the Cupertino giant a year ago and the stock has risen 50 per cent since.
Icahn disclosed a $1 billion stake in Apple in August last year and argued the stock was "extremely" undervalued. He pressured Apple to increase its stock buyback to $150 billion over a dinner meeting with Cook at his New York apartment.
Just over 1yr ago we tweeted our large position in $AAPL & belief the company extremely undervalued. Since then, stock is up 50.6%— Carl Icahn (@Carl_C_Icahn) October 8, 2014
Tmrw we’ll be sending an open letter to @tim_cook. Believe it will be interesting.— Carl Icahn (@Carl_C_Icahn) October 8, 2014
The so-called corporate raider eventually gave up on his huge buyback proposal after several high profile Apple investor indicated they would vote against his plan, which he described as a "no-brainer".Reuse content