Icahn backs off proposal for Apple to buy back $50 billion in shares after recent repurchases

Activist investor Carl Icahn is backing off his proposal that Apple spend $50 billion buying back its own stock during the current fiscal year that ends in September.

Icahn tells Apple shareholders in a letter that he sees no reason to persist with his proposal in light of the Cupertino, Calif., company’s recent buybacks and a recommendation from an influential firm that gives advice to big shareholders.

Institutional Shareholder Services says the Icahn proposal would micromanage Apple Inc.’s capital allocation process.

Apple has repurchased $14 billion of its stock in the two weeks since it reported first-quarter financial results and a second-quarter revenue outlook that disappointed investors.

Icahn’s letter comes a few days after a message posted on his Twitter account urged Apple CEO Tim Cook to keep repurchasing shares.

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