Shares of Apple shot up by more than 22 points on Tuesday following word that billionaire investor Carl Icahn had taken a large position in Apple. At one point during the trading day, shares of Apple reached $494 after starting the day trading at $471.50.
In a tweet sent out by Icahn himself on Tuesday afternoon, the investor said:
We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come.
One hour later, Icahn tweeted the following:
Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly.
Interestingly enough, Apple spokesman Steve Dowling provided a statement confirming Icahn's meeting with Cook.
The statement reads, "We appreciate the interest and investment of all our shareholders. Tim had a very positive conversation with Mr. Icahn today."
Furthermore, it's being rumored, via Bloomberg's Sarah Frier, that Icahn's stake in Apple checks in at $1 billion.
Icahn is, of course, a controversial figure, most recently due to his attempts to take over Dell.
Lastly, and in what is likely a reflection of Icahn's business determination, and admittedly somewhat amusing as well, Icahn's Twitter tagline reads in part: "Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity."
With an estimated net worth that exceeds $20 billion, he clearly walks the walk.