Shares of Apple saw a four percent rise today on word that billionaire activist investor Carl Icahn, currently involved in a takeover attempt at Dell, has made a large investment in the iOS device maker.
Icahn announced via Twitter that he has taken a “large position” in Apple, and thinks it is “extremely undervalued.” He didn’t disclose how large his position in Apple is, nor what he thinks the company is actually worth. Presumably, that information will come to light in regulatory filings.
Icahn casually mentioned that he has a “large position” in Apple, and that he had spoken with Apple CEO Tim Cook earlier today, tweeting:
“We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come.”
He then followed four minutes later with another tweet saying:
“Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly.”
Apple confirmed Icahn had chatted with Cook, issuing the following statement to AllThingsD: “We appreciate the interest and investment of all our shareholders. Tim had a very positive conversation with Mr. Icahn today.”
Apple shares quickly rose to above $484 a share just before 3PM ET, up around $17 from Monday’s closing.
Icahn’s tweets come a day after he revealed in a filing with the U.S. Securities and Exchange Commission that he “intends to use Twitter from time to time to communicate with the public about our company and other issues.”