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Activist Investor Carl Icahn Turns Up the Heat On Apple For A Buyback

He filed a precatory proposal calling for a vote to increase Apple's buyback program.

[Image: Flickr user Vidya Crawley]

Activist investor Carl Icahn is at it again, taking to Twitter to pressure Apple into getting what he wants. He announced to his followers today that he filed a precatory proposal calling the Cupertino, Calif. company's shareholders to vote to increase Apple's buyback program, though not at the $150 billion level he had pushed for.

Icahn, who will grace the cover of Time when its new issue hits newsstands tomorrow, filed the proposal Nov. 26. "I'm not against the management of this company. But they’ve got too much money on their balance sheet," he told Time, adding that "Apple is not a bank."

Apple responded to the proposal by reiterating its $100 billion capital return program, including "the largest share repurchase authorization in history." While an Icahn tweet has the ability to move markets, Apple shares remained largely unchanged Wednesday afternoon.