Carl Icahn dumps all of his Apple shares, scores a $2 billion profit

Carl Icahn dumps all of his Apple shares, scores a $2 billion profit
Investor Carl Icahn announced today that he has sold out his entire position in Apple. Hearing this, other investors copied Icahn and exited their Apple position sending the shares down another 1.5% this afternoon. Yesterday, Apple shares dropped 6.3% taking $40 billion off of the company's valuation as traders reacted to Apple's second fiscal quarter results.

Icahn, who avoided getting caught up in the 1980's insider trading scandal that snagged big Wall Street superstars like Ivan Boesky and Michael Milken, said that he took a $2 billion profit on the transaction. He had built up a position representing just less than 1% of Apple's outstanding shares. He added that Apple is still a "great company" and CEO Tim Cook is "doing a great job." Icahn alerted Cook to the sale after the shares were all sold.

The former options wizard and arb blamed China for his decision to sell. He says that the Chinese government could make things difficult for Apple. Just the other day, Apple was forced by the Chinese government to suspend iTunes Movies and iBooks. Some believe that the ordered shutdown was in retaliation to the listing of a movie on iTunes that was critical of Hong Kong.

Icahn did say that he will start buying Apple shares again once the situation with China "is steadied."

source: CNBC

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48 Comments

1. michaelny2001

Posts: 319; Member since: Aug 01, 2012

Even at 2 Billion profit, he is pisssssed off as hell. Last week he could have had3 billion profit before the shares tanked. lol Ahhhh... rich people's problems.

6. Unordinary unregistered

If anyone's having a bad day just remember in 1976 Ron Wayne sold his 10% stock in Apple for $800! Now its worth $58 Billion. Ouch.

14. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

Yea, that's a true OUCH!

20. darkkjedii

Posts: 30786; Member since: Feb 05, 2011

Damn! Really?

26. jojon

Posts: 421; Member since: Feb 11, 2014

...wow!!

35. PlayStationHidden

Posts: 2; Member since: Feb 19, 2014

Absolutely wrong. In 1976 the total number of Apple shares issued and subscribed was probably WAY less than what it is today. Meaning that if today 10% of Apple is 10 billion ordinary shares, at that time it was probably 1 million because companies constantly issue shares from time to time... so if Ron Wayne had his shares today he would only be worth the 1 million he had in 1976... It's not about the percentage, it's about the number of shares you own!

44. Unordinary unregistered

Do some research, and don't use the word "probably" when saying something is wrong.

27. ibend

Posts: 6747; Member since: Sep 30, 2014

still a good decision, If he wait another weeks, it may dropped even lower, and lower, and lower....

2. kiko007

Posts: 7469; Member since: Feb 17, 2016

This ain't even rich people problems. This is WEALTHY MUTHAF@KA problems.

19. darkkjedii

Posts: 30786; Member since: Feb 05, 2011

Straight up!

25. HouTexan

Posts: 461; Member since: Jan 08, 2012

Straight up, bro.

3. French_Toast

Posts: 98; Member since: Sep 02, 2015

Apple shareholder, is an important signal for you dispose of your shares before falling into the abyss.

11. Finalflash

Posts: 4062; Member since: Jul 23, 2013

Yea, this is when the short sellers usually strike and take the price into the pits.

15. QWIKSTRIKE

Posts: 1457; Member since: Mar 09, 2010

Shorts have been short since the high 120's stupid shorts may pile in now. Short at the highs buy at the lows.

18. Finalflash

Posts: 4062; Member since: Jul 23, 2013

It's not that, from 120 to now there was no drama queen mouthing off about dumping. Now there is.

4. meanestgenius

Posts: 21353; Member since: May 28, 2014

Wow. A sign of things to come? A bad omen for Apple? I hope you're paying attention, Apple.

23. Crispin_Gatieza

Posts: 3089; Member since: Jan 23, 2014

Where's our resident Apple worshiper? Probably committing Hari-Kari,

28. meanestgenius

Posts: 21353; Member since: May 28, 2014

Lmao! He most probably is!

5. htcisthebest

Posts: 433; Member since: Nov 15, 2011

Smart move! Because it's gonna drop even more

7. roscuthiii

Posts: 2383; Member since: Jul 18, 2010

I sense market manipulation... start a trend getting people to dump their stock, push down the value, then buy up new shares at a fraction of current going rate. :-O

8. Elusivellama

Posts: 73; Member since: Aug 26, 2014

"I sense great fear in you, Apple. You have resources. You have billions in cash reserves. But you don't use them."

48. Elusivellama

Posts: 73; Member since: Aug 26, 2014

For those of you who don't get it... that guy looks like Count Dooku

9. iApologistsAreRetards

Posts: 37; Member since: Apr 03, 2016

Doomed! :)

12. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

ABANDON SHIP!!!!!!!!!!!! Wait, he says he will buy the stock again later? They will probably be gone fool. You should have kept the ones you had. Who is this guy? PA, where is this China news? Is it true.

16. meanestgenius

Posts: 21353; Member since: May 28, 2014

17. SIGPRO

Posts: 2810; Member since: Oct 03, 2012

Apple flushed down the toilet!

21. darkkjedii

Posts: 30786; Member since: Feb 05, 2011

Apple, here's that shot in the arm. Wassup?

24. p51d007

Posts: 697; Member since: Nov 24, 2013

"pissed off at China"... yeah right...sell all stock in Apple, makes 2bn, stock slips a percent or two, buy it back at a less price.

30. kiko007

Posts: 7469; Member since: Feb 17, 2016

Finally someone who understands stock trading. All these masturbating Art majors seem to not under that all he is doing is "pumping and dumping" (my made up term). 1) Sell stocks 2) Make it seem like the world is ending and Satan is after your soul (business is flaming out) 3) Watch stock prices slip like soap in prison!!!! 4) Go to a Wendy's because "Y not?" 5) Buy back said stocks at a cheaper rate. 6) Profit (literally) 7) Rense and repeat P.S. Some of you really need an accounting class. Apple didn't "lose money" lol. Their revenue decreasing does not equal losses. This s**t is hilarious. All these tech nerds, and half of you don't know anything about how this process works. I'm dying lmfao. They "only" made 10.5 in net income which is....I don't know.....only more than the nominal GDP FOR 57 COUNTRIES!!!! Yeah sure, they're dying alright. This is priceless, when do we bury them? 2049?

33. RebelwithoutaClue unregistered

Wow you're so smart, you might need to follow an English class or two. Also pumping and dumping is not your made up term:https://en.wikipedia.org/wiki/Pump_and_dump And yes, more than the nominal GDP for 57 countries, but almost all of those countries have less inhabitants than New York city, big deal..

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