Carl Icahn dumps Apple shares over China fears

apple

“We no longer have a position with Apple,” he told CNBC.

Reports say Mr Icahn made $2bn (£1.4bn) from selling his stake in Apple. At one point last year, he owned 53 million shares worth $6.5bn, reports The BBC.

He blamed China’s economic slowdown and worries over government interference for selling out of Apple.

In March China passed a law that required all content shown in China to be stored on servers based on the Chinese mainland.

As a result Apple’s iBooks and iTunes movies service were shut down in the country. Apple said it hoped access to the services would be restored soon.

Earlier this week, Apple reported in a 13 per cent drop in its second quarter revenue as sales of iPhones slipped.

Mr Icahn started buying Apple shares in the third quarter of 2013 when they were trading at about $68 a share.

Shares closed down 3 per cent to $94.83 on Thursday.

  Share:

Leave a Reply

*