Apple Stock Rallies After Billionaire Carl Icahn Tweets

Patricia Didelot - Author
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Aug. 14 2013, Updated 1:52 p.m. ET

A coincidence? Apple stock surged after billionaire Carl Icahn took to Twitter. It goes to show how intimately related finances and social media really are.

Apple’s shares (APPL) were up five percent after the tweet went out and remained high, going over $500 for the first time since January.

The tweet was related to a meeting Icahn had with Apple’s CEO Tim Cook about the company’s share buyback program and about his large stake in the company.

The stock crossed the $500 mark about mid-day on Wednesday and ended up the day at $498.50 at the close of the New York stock exchange.

Henry Blodger, CEO and editor-in-chief of Business Insider said, “I don’t know that market-moving information breaking on Twitter will become ‘the norm,’ but it has certainly become important.”

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In stark contrast to Twitter’s reaction to Icahn’s comment, investors seemed to be paying little to no attention to fellow billionaire Larry Ellison, who was interviewed by Charlie Rose.

The Oracle Corp. CEO said Apple would never be the same without its late founder Steve Jobs.

Brian Colello, senior equity analyst with Morningstar, said it is not clear whether Icahn’s tweet about his $1.5 billion stake swayed investors.

He says that Apple is prominent in social media and is followed closely on blogs, media outlets, and investors so any mentions attracts attention.

He also added that he’s not sure whether Icahn’s tweet moved the market for Apple, but he now follows the billionaire’s handle.

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The tweet that analysts believe moved Apple’s shares,

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Apparently Carl Icahn liked the effect his tweet had,

Do you think Carl Icahn’s tweet made Apple’s stock go higher?

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