[NewsPoster]

(Updated with Twitter comment on buyback cap) Investor Carl Icahn filed a shareholder proposal for an Apple stock buyback on November 26th, a new TIME interview reveals. Icahn has been trying to pressure Apple into expanding its current buyback from $60 billion to $150 billion, and having it take effect immediately, rather than run through 2015. In response to the interview, Apple has issued a statement. "As part of our regular review process, we are once again actively seeking our shareholders' input on our program, and as we said in October, the management team and our board are engaged in an ongoing discussion about it which is thoughtful and deliberate," a spokesperson says.

Icahn already owns about $2.5 billion in Apple stock, and an expanded buyback would increase that value even further. Apple executives haven't given any hints about their level of interest, though, and in fact a meeting between Icahn, CEO Tim Cook, and CFO Peter Oppenheimer is said to have got "a little testy," by Icahn's own admission. Typically Apple has preferred to keep large cash reserves as a buffer against downturns, and for the freedom to buy smaller companies whose services and technologies it wants.

Speaking about Cook in the interview, Icahn comments that the executive is "doing a good job with the business" regardless of whether he's willing to expand the buyback. He adds, however, that "Apple is not a bank." Discussing the pair's relationship, he says that "We've discussed a lot of things, and he asked a lot of questions, and really listened...A lot of people say Steve Jobs probably wouldn't have talked to me, and maybe that's true. But I think he [Cook] found our conversation sort of interesting. He said, 'Look, you've accomplished a lot, and we want to listen to you.'"

Update: On Twitter, Icahn is stating that the proposal is no longer "at [the] $150 billion level." What the new level might be is unmentioned, however.

[jdonahoe]

Icahn needs to go back into his cave. If he could, he would gut Apple for any funds laying around. I'm surprised Cook even considered his proposal. He probably said it was interesting to get Icahn out of his office.

[darkelf]

i'm sure Icahn longs for the days when it would have been acceptable to simply demand that Apple give him all the money directly. alas that the 80s are over.

[stenniz5556]

Icahn=7 Deadly Sins!

Yeah, he wants Apple to buy back everyone's shares. Everyone's except his.

[TheGreatButcher]

"Admits 'Steve Jobs probably wouldn't have talked to me.' " Probably good reason for that.
Hey Carl, where were you in '97 when Apple was about to go under because it was consistently bleeding red? Please just go away. I'm fine with management's paranoia and hoarding of cash.

[jonn804]

Go pick on Google.

[jpellino]

"He adds, however, that "Apple is not a bank." "

Well then please stop trying to turn it into your own private piggy bank.

We get it. Your exposure on AAPL is somewhere around $450/share and you're kicking yourself. Suck it up and stay for the long haul like actual investors do. Let Apple spend its reserve on things (*cough* topsy *cough* primesense *cough*) that will put you way past $450 if you'd just have the patience the good lord gave a golden retriever.

[aviamquepasa]

It seems that he has nothing better to do in his life? Doesn't he have a girlfriend or like travelling or sports? If I would be a billionaire I would have a lot of more interesting things to do... than to still be greedy, to still want more money. What for?