Carl Icahn Writes To Tim Cook, To Reveal Details On New Website

(RTTNews) - Activist investor Carl Icahn on Wednesday said on Twitter that he has written a letter to Apple Inc. (AAPL) Chief Executive Tim Cook, without disclosing its content at the current time. The billionaire plans to disclose the details of the letter on his new website, 'the Shareholders' Square Table' which is expected to be launched tomorrow.

"Just sent a letter to Tim Cook. Full letter will be disclosed on my website, the Shareholders' Square Table, which will be launched tomorrow," Icahn tweeted.

Icahn, who holds about $2 billion stake in Apple, has been pressurizing the iPhone maker to consider a larger share buyback program in order to boost Apple's stock price.

Icahn had hosted a dinner for Cook and Chief Financial Officer Peter Oppenheimera few weeks ago at his New York apartment, at which time had pushed hard to expand Apple's share buyback program. Icahn has proposed that Apple spend $150 billion in stock buyback after borrowing funds at 3 percent from market where interest rates are at its lowest.

Apple has promised to return as much as $100 billion to shareholders by the end of 2015. Apple had began a $10 billion stock buyback program last year and improved the plan to $60 billion.

The website -- The Sharholder's Square Table (theshareholderssquaretable.org)-- showed a 'coming soon' tag on Wednesday.

AAPL closed Wednesday's regular trade at $524.96, up $5.09 or 0.98%, on the Nasdaq. The stock further gained $0.21 or 0.04%, in after-hours trade.