Apple’s terrible week just got worse. Carl Icahn, one of its biggest cheerleaders, has dumped the iPhone maker’s stock.Icahn told CNBC Thursday that he has sold his huge position in Apple (AAPL, Tech30) largely due to concerns about company’s ability to navigate the treacherous Chinese market.
“A lot of people have tried and a lot of people have failed,” The billionaire investor worries a “tsunami” of trouble could hit Apple in China. Icahn added that the Chinese government could “make it very difficult for Apple to sell there.”
Icahn said he would look at potentially buying Apple stock in the future if things in China stabilize. And the billionaire still believes it’s a “great company — one of the greatest our economy has seen.”