Billionaire activist investor Carl Icahn has been pitted against Michael Dell in a battle over the future of the PC maker.

Billionaire Activist Investor Carl Icahn

Icahn Abandons Apple Altogether

Technology

Billionaire investor Carl Icahn is done with Apple (AAPL).

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Just days after the tech-giant reported its first revenue decline since 2003, the activist disclosed to a rival news organization he no longer holds a position in the stock. At the end of the fourth-quarter, Icahn owned about $5 billion worth of shares, according to a February filing.

Apple’s stock has declined 13% this month, with a good portion of that selloff taking place this week, following the company’s disappointing first-quarter results which included a notable 16% drop in iPhone sales. Total revenue was $50.6 billion down from $58 billion earned in the year-ago period. Per share profits also slipped to $1.90 compared to $2.33 in the year-ago period.

CEO Tim Cook described the quarter as a “pause in our growth” during the company’s earnings conference call. While CFO Luca Maestri was more specific. He highlighted China as the company’s Achilles heel. Revenue slipped 11% during the quarter after rising 81% in the same period a year-ago.

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Still the executives reinforced that China is an important market for the company and it will continue to invest in the region.

Earlier in the week, Goldman Sachs (GS) removed Apple from its conviction buy list. The report is widely followed by the Wall Street community.

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On Thursday shares of the Dow componet slid over 3% closing at $94.83.

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