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.
READ MORE: Apple reports iPhone sales down, 1st revenue drop since 2003
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.