Greenlight CEO Einhorn grows stake in Apple stock, cites buyback
Tuesday, May 7, 2013 @ 6:18pm
| In Greenlight Capital Investor's quarterly earnings conference call, Chairman David Einhorn revealed that he has grown his stake in the company. The move was made in reaction to Apple's announcement of the $100 billion share repurchase, and record-breaking dividend program which he called "a major step forward" for the Cupertino manufacturer.
"We've added to our Apple position," Einhorn said in the conference call. "Now, we just wait for the release of Apple's next blockbuster product." No firm details are available regarding how many shares were purchased, but a SEC filing should be filed shortly with the details.
Einhorn was famously responsible for a legal scheme to force Apple to offer "iPref" preferred stock shares, only giving up his effort when Apple separated a bundled proposal to shareholders in the annual meeting in March. Einhorn claimed that the proposal violated a Securities and Exchange Commission rule against bundling multiple proposals together, and would prevent a preferred stock plan the firm wanted. Apple, for its part, said that the SEC had already reviewed the measure, and that if passed the initiative would've actually benefited shareholders by giving them a vote over issuing preferred stock.