The move comes from billionaire investor Carl Icahn, who argues that Apple should increase its planned share repurchase program from $60 billion to $150 billion. To promote the idea, Icahn launched the Shareholders’ Square Table. In a tweet, Icahn said the website would include the full text of a letter he had sent to Apple CEO Tim Cook, USA TODAY notes.
Shares of Apple in surged about 6% in Thursday mid-day trading.
Earlier this year, Apple announced plans to return $100 billion in cash to investors through higher dividends and a share buyback. The company currently has a cash hoard of nearly $150 billion.
Over the summer, Icahn announced that he had taken a stake in the iPad and iPhone-maker. He said he had dinner with Cook earlier this month at which he pushed for a larger share buyback program.
In a recent interview, Icahn said he had “no problem” with Apple’s management, but indicated that its board didn’t contain anyone with “a great knowledge of finance.”