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Carl Icahn purchases another US$500 million of Apple stock

SAN FRANCISCO--Outspoken billionaire Carl Icahn has tossed another bushel of Apple stock into his investment portfolio and suggested some new products as he tries to persuade the iPhone maker to do more to lift its market value.

In an attempt to give his arguments more credence, Icahn disclosed that he invested another US$500 million in Apple Inc. in a series of purchases made Thursday.

With the latest shopping spree, Icahn has spent US$1 billion on Apple stock during the past weeks to raise his total holdings in the Cupertino, California company to US$3.6 billion since he began buying the shares five months ago when they were still trading below US$450.

Apple's stock rose US$4.67 to close at US$556.18 on Thursday. Despite the recent gains, the shares remain about 20 percent below their peak reached 16 months ago.

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