Activist investor Carl Icahn has sold his entire stake in Apple, citing fears about influence from China.
Speaking to CNBC, billionaire investor Icahn said he was concerned about the influence China could have on Apple’s growth in the country. He previously held less than a percent of the stock.
He says that China could “come in and make it very difficult for Apple to sell there … you can do pretty much what you want there”.
The latest results from Apple yesterday fell short of analyst expectations, with Greater China being an area of weakness.
The results showed that revenue for the region fell 26 per cent, on a year-on-year basis, a turnaround from previous consistent growth.
However, Icahn has not ruled out a re-entry to Apple, saying it is a “great company” and chief executive Tim Cook is “doing a great job”.
He said if the situation in China stabilises he would move back into the stock. He made around $2bn on the stock during his time holding it, he claims.