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Apple is at risk of a new type of freedom fighters

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In 2013, Carl Icahn took over the largest company in the world. The employee made 1 percent of Apple, he criticized “stupid” raising money, he wanted to repay a share of $ 150bn and threatened to force a vote of the owners.

Taken aback, by market and company. Apple prices rose when they bought shares and fell when they sold shares. Chief executive Tim Cook felt he needed to have dinner with a former corporate soldier and listen to his opinion.

Not all of this was about money. Icahn was confident that Apple would release a radio video by 2016 by car by 2020. directly amazing: TVs can be 55 and 65 inches. No such items have been disclosed.

But its main point was even greater: the stocks were relatively unimportant, selling at a much lower price in the S&P 500 despite Apple’s record of steady growth and strong profits.

It is not the same. Apple was worth $ 424bn while Icahn revealed its first $ 1bn position. Zake market capitalization exceeded $ 3tn this week and is now selling at a higher price to the index.

Icahn found no profit. Expressing concerns about Apple’s hope for China, he left in 2016. He made $ 2bn on sales but would have made billions while still.

One of the reasons for the increase is that Cook has completely transformed the integration of revenue from iPhones into apps and applications, which are reliable and profitable.

But he also released the money. Although Icahn’s return policy has not been followed in the letter, Apple has significantly increased its tariffs. The company released its first share in 2013. It is now repaying more than $ 100bn a year to its owners.

Apple founder Steve Jobs jealously supervised the world’s largest pork bank, which collapsed in the fall of the 1990’s.

Fighters who try to follow Icahn today find ante promoted. Buying one-third of every 100 seems impossible, not to worry about collecting enough shares to strengthen the team.

But some things have changed since 2013. Growth is not necessary if the opponent has a solid track record or a modern title. Engineers No. 1 had a small stake in ExxonMobil but won big shares to force a change in company rules.

Ironically, Apple seems to be more at risk of favoring freedom fighters than it has been since Icahn. A new group of freedom fighters are buying small sticks and using them to push for stocks. The Securities and Exchange Commission, which has recently heard of its support for this, to allow the decision to go ahead, will be able to help the company get them out of the polls.

On Thursday, Apple unveiled plans to vote in March. This also includes six shared ideas ranging from banning hackers to racist employees to making it clear how the company is removing apps from its App Store.

These courses have a much harder complexity than the ones that require past investment. The worst thing for Apple: those with a large share can no longer be trusted to partner with the company. It is enough that Tim Cook longs for dinner with Carl Icahn.

tom.braithwaite@ft.com

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