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Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Pimco's Co-CIO Tells Icahn to Lay Off Apple

Oct 24, 2013
Jing Chen

The co-chief investment officer of bond manager Pimco has criticized activist investor and hedge fund manager Carl Icahn for putting pressure on Apple, Inc. to do a $150 billion stock buyback.

Reuters reported that Bill Gross said on social media platform Twitter that “Icahn should leave #Apple alone & spend more time like Bill Gates. If #Icahn's so smart, use it to help people not yourself."

In a televised interview with CNBC, Icahn responded that “the greatest use of [his] time would be to try to change the laws and rules in corporate governance today.”

Known for being an outspoken investor, Icahn has been pushing for the technology giant to conduct a $150 billion buy-back for the past couple of months, most recently on Thursday when he addressed a public letter to Apple CEO Tim Cook to commence the buy-back “immediately.

Apple’s stock broke above $500 for the first time in nearly eight months after Icahn disclosed his large stake in the company via Twitter in August.

 

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