Icahn Takes A Big Bite Out Of $AAPL; Shares Plummet

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In an interview with CNBC Billionaire Carl Icahn stated that he sold most of his remaining stake of tech stock Apple, in February. Apple shares have greatly declined since reporting earnings giving the company a market value of less than $530 billion.

In the fourth quarter, Icahn sold 7 million Apple shares, leaving him with 45.8 million shares worth $4.8 billion, according to a February regulatory filing. He reduced his holding just before the company’s shares started to slide this year on concerns that the smartphone market is becoming saturated and that China will no longer fuel sales growth.

After disclosing his Apple stake in August 2013, Icahn pushed Chief Executive Officer Tim Cook to return more of the company’s ballooning cash pile to investors. The iPhone maker and tech sector giant stepped up its share buybacks and increased dividends, helping to fuel a 38 percent share rally in 2014. That petered out in 2015, when Apple shares declined 4.6 percent.

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