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Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference at the New York Stock Exchange in this June 27, 2007 file photograph.
Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference at the New York Stock Exchange in this June 27, 2007 file photograph.
(CHIP EAST/REUTERS)

Carl Icahn’s confident – but daring – bet on Apple

Carl Icahn believes he has found a sure thing in Apple Inc. The market thinks otherwise.

The billionaire activist investor announced on Tuesday that he had bought another $500-million (U.S.) worth of Apple shares, following a dive in the share price.

Given that he disclosed last week that his ownership stake was worth $3.6-billion – he has been playing his hand openly on this investment – the additional purchase boosts his total exposure to nearly $4-billion based on Tuesday’s close.