Icahn drops Apple buyback proposal

|About: Apple Inc. (AAPL)|By:, SA News Editor

In an open letter to shareholders, Carl Icahn says there's "no reason to persist" with his non-binding proposal calling on Apple (AAPL) to buy back $50B worth of shares in FY14, in light of recent events. The activist investor nonetheless says he's "extremely excited about Apple’s future."

Shareholder advisory firms ISS and Egan-Jones have both come out against Icahn's proposal, and Apple announced last week it has bought back $14B worth of shares since its FQ1 report.

AAPL -0.4% premarket.