Greenlight Capital Chairman David Einhorn, who attempted to force Apple to offer preferred stock shares earlier this year, has increased his stake in the Cupertino firm, following the announcement of its $100 billion capital reinvestment program.
Einhorn held a quarterly earnings conference call with Greenlight Capital investors on Tuesday, in which he declared Apple’s $100 billion share repurchase and dividend program is “a major step forward” for the company. A transcript of his remarks was published by Seeking Alpha.
“We’ve added to our Apple position,” Einhorn said Tuesday. “Now, we just wait for the release of Apple’s next blockbuster product.”
Earlier this year, Einhorn pushed Apple to offer so-called “iPref” preferred shares, however the suggestion was rejected by Apple. Greenlight Capital even filed a lawsuit against Apple over how to best utilize its massive cash reserves, but dropped the complaint in March.