Billionaire investor Carl Icahn sells entire stake in Apple

Icahn has sold his shares in the company over concerns at China’s influence on its stock price

Billionaire activist investor Carl Icahn says he had sold his entire stake in Apple Inc, citing the risk of China’s influence on the stock.

In an interview with US cable television network CNBC on Thursday, Icahn also said he was “still very cautious” on the US stock market and there would be a “day of reckoning” unless there was some sort of fiscal stimulus.

Icahn had been a huge cheerleader of Apple, acquiring a stake in the company almost three years ago, repeatedly calling the investment a “no brainer.”

In an open letter to Apple chief executive Tim Cook in May 2015, Icahn had argued that shares of the iPhone maker were worth $240 (£164), about 90% more than they had been trading. At $240 a share, Apple’s market cap would be $1.4tn, Icahn asserted.

But Icahn, who owned 45.8m 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.

Published By - Theguardian.com - Sports New, LifeStyle News, Politics news, UK and world political comment and analysis: Friday 29 April 2016 01.13 BST