You don’t get rich by sitting around and waiting for the money to come to you. Carl Icahn, has filed a brand spanking new 50 billion dollar AAPL buyback proposal in hopes of getting the company to part with some of its giant pile of cash, and buyback some stocks according to a new article from Rana Foroohar over at Time.
Why would someone care so much about getting Apple to buy back stocks on the public market? Well that’s simple, stock value, lots and lots of increased value for Carl Icahn’s ginormous pile of Apple stock. The idea is that the less stock on the market, the more value there is per stock, making Icahn even more insanely rich than he already is at this point:
Icahn believes the technology giant should share more of its wealth with stockholders. So to push Apple, he now wants stockholders to vote on whether the company should spend more of its billions to buy back its own shares on the public market. A buyback would almost certainly drive up the price of Apple’s stock—and increase the value of Icahn’s holdings along with those of all Apple investors.
There’s plenty of Wall St. douchery in the article too, including a nice little backhanded compliment of Tim Cook’s ability to handle its stocks, conjuring up images that Apple’s some kind of new startup that somehow fell on a giant pile of cash and has no idea what to do with it.
I guess what I’m saying is that you should head over and read the Time article, it’s a doozy. I really hope Apple tells him where he can stick his proposal.