Icahn: Apple has great managers. I sold my entire stakeStaff writer ▼ | April 28, 2016
Investor Carl Icahn sold his entire stake in Apple, citing the risk of China’s influence on the stock.
Tech company Icahn owned 45.8 million Apple shares
Icahn, who owned 45.8 million Apple shares at the end of last year, said China’s economic slowdown and worries about how China could become more prohibitive in doing business 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, I told him it’s a great company. He seemed sort of sad to hear that.
"In Apple today as opposed to six months or a year ago, in this one, there’s no need for activism because I think they have a great management. But you worry a little about China’s attitude."
Asked when he might get back in, Icahn replied "I don’t think it’s the price, it is about China. I think it’s a very cheap stock. China could be a shadow for it, and we have to look at that." ■