On Wednesday, shares of Apple took an unadulterated beating on Wall Street. And billionaire investor Carl Icahn was ready to go bargain hunting.
According to CNBC, Icahn swooped in to take an even larger position in AAPL as the stock was down about 6%.
The stock dipped the day after Apple disappointed investors by introducing a “cheap” iPhone 5C that wasn’t deemed cheap enough.
On Thursday, Icahn told the cable news network’s “Closing Bell” that he bought “quite a bit” of Apple stock on Wednesday.
Icahn, however, is already a major investor in the company. With an estimated net worth of about $20 billion, it is believed that Icahn holds at least $1 billion in Apple stock.
“This is a no-brainer to go buy stock in a company that can go borrow” at a low rate, Icahn recently observed according to the Wall Street Journal. “Buy the company here and even without earnings growth, we think it ought to be worth $625.”
Shares of AAPL were trading down slightly once again on Friday.