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Icahn raises Apple stake

Carl Icahn wants Apple Inc. to spend $50 billion buying back its own stock in the current fiscal year.
Carl Icahn wants Apple Inc. to spend $50 billion buying back its own stock in the current fiscal year.Associated Press/File 2007

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SAN FRANCISCO — Activist investor Carl Icahn has raised his stake in Apple as he escalates his campaign to pressure the company into buying back more of its stock while the shares remain stuck far below their peak price.

In a Wednesday post on his Twitter account, Icahn revealed that he has poured another $500 million into Apple stock during the past two weeks. He already owned about 4.7 million Apple Inc. shares worth more than $2.5 billion.

Given the stock’s trading range during the past two weeks, Icahn probably picked up another 800,000 to 1 million shares. That would still leave his total stake in the iPhone and iPad maker below 1 percent.

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