By Jonathan Davies

Carl Icahn, the global activist billionaire investor, believes Apple's share price is half of what it should be.

The outspoken investor, who owns 53 million Apple shares, has called on the board to launch a share repurchase.

In a letter to Apple chief executive Tim Cook, Mr Icahn said that Apple is "dramatically undervalued in today's market, and the more shares repurchased now, the more each remaining shareholder will benefit".

"To preemptively diffuse any cynical criticism that you may encounter with respect to our request...we hereby commit not to tender any of our shares if the company consummates any form of a tender offer at any price," he added.

Carl Icahn has previously called for the tech giant to return more of its cash to shareholders and increase dividends.

Apple's share were up 1% to $101.78 in early trading on Thursday.

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