Carl Icahn sells Apple stake, citing China worries

By Associated Press ,

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Billionaire investor Icahn has sold his stake in Apple, citing concerns about the giant tech company's prospects in China.(AP Photo/Henny Ray Abrams, File)

Billionaire investor Icahn has sold his stake in Apple, citing concerns about the giant tech company's prospects in China.(AP Photo/Henny Ray Abrams, File)

Billionaire investor Carl Icahn has sold his stake in Apple, citing concerns about the giant tech company's prospects in China.

Apple's stock fell 9 percent this week after it reported a sizeable drop in iPhone sales. Icahn, a longtime booster, told CNBC he still thinks Apple is a "great company." But he said he worries about Chinese regulators, who recently blocked Apple's online services. Apple has been hoping to expand in China.

Icahn last year called it a "no-brainer" to invest in Apple, predicting the company could be worth $1 trillion. At that point, he owned 53 million shares, valued then at $6.5 billion, nearly 1 percent of the company. The stock has fallen 20 percent since then, but Icahn said he still made $2 billion from selling his shares.

-AP

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