From the help of activist investor and hedge fund manager Carl Icahn, shares of technology giant Apple broke above $500 on Wednesday for the first time in nearly eight months.
Icahn, the chairman of Icahn Enterprises, went on Twitter Tuesday to disclose his large stake in Apple. Icahn bought $1 billion worth of stock and wants Apple to allocate $150 billion for a repurchase, according to a Bloomberg report.
Known for being an outspoken investor, Icahn also revealed on the social media platform that he had a “nice conversation” with Apple CEO Tim Cook and said that the iPhone maker is “extremely undervalued.”
eVestment previously reported that hedge fund manager David Enhorn, whose New York-based firm Greenlight Capital is long on Apple shares, filed a lawsuit against the company earlier this year claiming that the technology company has a “cash problem” which could be fixed by increasing stockholder returns.
Icahn returned outside money for his firm in 2011 to focus on investing his own funds.