Carl Icahn has sold all if his firms Apple Stake amid China concerns
Owned a massive 45.8 million shares in Apple at the end of 2015 (FactSet).
Sold his entire position in the gadget maker on concerns of its uncertain future in China.
This couple owns $1 million in Apple Stock.
Even at the trading average at the sale, Icahn most likely made a pretty nifty profit. Calculating that 45.8 million shares at say $95 = $4,351,000,000, that is over $4 billion!
This will weigh down Apple stock which has been battered after 13 years with positive growth now turning down and expert sentiment that at least the next quarter will also result in downward sales.
Shares of Icahn Enterprises (IEP) have plunged 33% over the past year due to bad bets on oil-related companies like Chesapeake Energy (CHK) and Freeport-McMoRan (FCX), according to USA Today.
The question is how will Apple fix this?
Could we see Apple stock in the $50 range? Perhaps it will hit $75, but $50 would mean massive loss in stock valuation and investors most likely would start a massive sell off which could present a buying opportunity, but could also cause issues for investors, many why hold large positions of Apple stock.