OK, now you have seen a lot of shenanigans and a lot of success in failure in the world of activist investing. Now we have a new form of investor activism taking place: Front running your own activism ambitions! Carl Icahn has decided to tweet out to the world that he has sent a new letter to Tim Cook of Apple Inc. (NASDAQ: AAPL).
We have previously shown that Carl Icahn wanted to use his $1 billion investment in Apple shares to make Tim Cook buy back up to $150 billion in stock. In his new Tweet, Carl Icahn said:
Just sent a letter to Tim Cook. Full letter will be disclosed on my website, the Shareholders’ Square Table, which will be launched tomorrow.
This is not illegal by any measurement in this instance, but if you have been an active trader you know that there can be many legal ways to front-run news. This is no different from Carl Icahn saying, “I have big news, and I will share it with you tomorrow. You can buy up shares today in hope of my news driving up the stock tomorrow when the news (really) hits.”
As a reminder, Carl Icahn hosted Tim Cook at a dinner at his house recently and Mr. Icahn said it was a good conversation. This is another incident that may have more bark than it has bite but we wanted to share it with you.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
