Carl Icahn sells Apple stake, citing China worries

COMPILED FROM WIRE SERVICES
ISTANBUL
Published 29.04.2016 20:16
Updated 29.04.2016 20:17

Billionaire investor Carl Icahn has sold his stake in Apple, citing concerns about the giant United States-based tech company's prospects in China. Apple's stock fell 9 percent this week after it reported a sizable 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 percent of the company. The stock has fallen 20 percent since then, but Icahn said he still made $2 billion from selling his shares.

Icahn sent U.S. stocks reeling Thursday after announcing he liquidated his investment in Apple, the biggest factor in the Dow's more than 200-point drop. Icahn told CNBC he unloaded his remaining shares in Apple due to worries the Chinese government would thwart the tech titan's efforts to sell more iPhones and other gadgets in the world's second-biggest economy.

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