Carl Icahn sells Apple stake, citing China worries
Billionaire investor Carl Icahn has sold his stake in Apple, citing concerns about the giant tech company’s prospects in China.
Apple’s stock fell 9 per cent this week after it reported a sizeable drop in iPhone sales. Icahn, a longtime booster, told CNBC he still thinks Apple is a “great company.” But he said he worries about Chinese regulators, who recently blocked Apple’s online services. Apple has been hoping to expand in China.
Icahn last year called it a “no-brainer” to invest in Apple, predicting the company could be worth $1 trillion. At that point, he owned 53 million shares, valued then at $6.5 billion, nearly 1 per cent of the company. The stock has fallen 20 per cent since then, but Icahn said he still made $2 billion from selling his shares.
© 2016 The Canadian Press