Two large outside shareholder, Apple has sold its shares of the company. This decision was taken because of concerns about the business of the California giant.
At the end of April immediately after the publication of its financial reports Apple billionaire investor Carl Icahn has sold all its shares in the company, with the result that they fell by 3%.
Another influential investor David Tepper, according to the information recorded by the Commission on securities and stock operations of the United States (Securities and Exchange Commission), also sold all their Apple shares. According to reports, the Tepper belonged to 1.26 million shares worth $ 133 million.
Apple shares have always been an attractive investment, but since late April, when the company reported a drop in sales of the iPhone and the first in 13 years the decline in revenues, the stock price began to fall. On Friday the company’s stock was trading below $90, while a further 14 April, they cost $112.
Last week, the securities of the California giant fell on the message that supplies microchips for the iPhone flagship models in the period June to December 2016 will be reduced by 70-80%.
Reports of the sale of the shares by Icahn and Tepper occurred against the background of the publication of quarterly reports in which Apple reported a fall in revenue for the first time since 2003. For the second quarter of the current financial year it amounted to $50,6 billion, compared with $58 billion in the same period last year. IPhone sales in the second quarter of 2016 decreased by 16%. The largest drop in sales — 26% — was recorded in China and in the United States, the drop was 10%. Immediately after the publication of statements on 27 April, Apple shares fell by almost 8.2%.