Hedge Fund Titan Carl Icahn tweets sent shares of Apple surging. In late trading, the stock price was up more than 4 percent, at $487.90.
Icahn Enterprises said it would begin to make announcements through Twitter, as part of a new Securities and Exchange Commission filing procedure that has been created to allow companies to publish announcements through social media.
Icahn tweets that he has a “large” position in Apple’s stock.
Carl Icahn is not the first hedge fund manager to pressure Apple to do something with its large cash pile.
David Einhorn of Greenlight Capital accused Apple of “hoarding” cash in a move that eventually led the technology company to announce a $100 billion inshare buybacks and dividend payments.
Steve Dowling, a representative for Apple said: “We appreciate the interest and investment of all our shareholders. Tim had a very positive conversation with Mr. Icahn today.”