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Warren Buffett Supports Apple's Stock Buyback Plan As Is
Wednesday, 16 October 2013
Although he doesn't own Apple stock, Berkshire Hathaway’s Warren Buffett says he supports Apple's buyback plan and wouldn't push for a larger share buyback, unlike investor Carl Icahn.
AllThingsD reports that in an interview with CNBC, Buffet said he supported Apple's handling of the situation. Icahn has been pushing for Apple to raise the buyback to $150 billion, well above the $60 billion currently planned.
“I think the Apple management and directors have done a pretty darned good job of running the company, and so my vote would be with them,” Buffet said. “… I do not think that companies should be run primarily to please Wall Street, and largely shareholders who are going to sell.”
Notably, Buffett advised the late Steve Jobs that if he felt the company was stock was too cheap he should use the company's cash to buy it up.