Icahn had dinner with Apple CEO Tim Cook a few weeks ago and asked for a larger share buyback from the company

SHARE 11 24 3 COMMENTMORE

SAN FRANCISCO -- Billionaire activist investor Carl Icahn said Wednesday he is launching a new website to push for changes at Apple.

"Just sent a letter to Tim Cook. Full letter will be disclosed on my website, the Shareholders' Square Table, which will be launched tomorrow," Icahn wrote on Twitter.

Icahn had dinner with Apple CEO Tim Cook a few weeks ago and asked for a larger share buyback from the company.

The new website - theshareholderssquaretable.com - said it was "coming soon" late on Wednesday afternoon. A representative at Icahn's office declined to comment and an Apple spokesman did not respond to a request for comment Wednesday afternoon.

Apple had almost $150 billion in cash and marketable securities at the end of June and Icahn argues that the company does not need that much money and should return a lot of it to shareholders.

In April, Apple said it would return as much as $100 billion to shareholders by the end of 2015, $60 billion of which would be through a share buyback program. By June, Apple had re-purchased about $16 billion of its stock. However, Icahn thinks that's not enough.

The activist investor praised Apple's management in an interview on Bloomberg TV Wednesday. But he criticized the company's board of directors, which includes former Vice President Al Gore, former Genentech CEO Art Levninson and Bill Campbell, the former CEO of Intuit.

"I have no problem with management. But there's nobody on that board who has a great knowledge of finance as far as I can see," Icahn told Bloomberg TV.

Icahn did not say what he wrote in the letter to Cook, however, the investor hinted that it will focus on what Apple should do with its vast cash hoard.

"Apple needs a board that goes in and does a huge buyback and we're saying that," Icahn said.

SHARE 11 24 3 COMMENTMORE