Apple, which has seen its share value fall as speculation grows the company has lost its flair for innovation, saw its shares close 4.75% up at $489.57 yesterday after Icahn revealed his meeting with Apple chief executive Tim Cook.
Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly.— Carl Icahn (@Carl_C_Icahn) August 13, 2013
The discussions between Cook and Icahn come as Apple gears up to unveil its next generation iPhone with the launch event expected on 10 September.
Apple is also believed to be preparing the launch of a cut-price iPhone and an iWatch as it seeks to maintain its dominant position in the technology market.
After yesterday’s meeting with Cook, Icahn tweeted to reveal he believed the company was undervalued in a move that will come as a boost to Cook’s leadership.
We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come.— Carl Icahn (@Carl_C_Icahn) August 13, 2013
Icahn has used Twitter in the past to publicise the high profile battle he is having with the Dell board and management over their buyout plan.
In a tweet on 24 July Icahn stated: "all would be swell at Dell if Michael and the board bid farewell."