Activist investor Carl Icahn is backing off his proposal that Apple spend $50 billion buying back its own stock during the current fiscal year that ends in September.
Icahn has told Apple shareholders in a letter, that he sees no reason to persist with his proposal in light of the Cupertino, Calif, company's recent buybacks and a recommendation from an influential firm that gives advice to big shareholders.
Institutional Shareholder Services says the Icahn proposal would micro-manage Apple Inc.'s capital allocation process.
Apple has repurchased $14 billion of its stock in the two weeks since it reported first-quarter financial results and a second-quarter revenue outlook that disappointed investors.
Icahn's letter comes a few days after a message posted on his Twitter account urged Apple CEO Tim Cook to keep repurchasing shares.
