Comptroller Scott Stringer described an investor's buyback proposal for Apple — in which the city pension funds has a $1.3 billion investment — as short-term. Credit: Mel Wright Photo/Manhattan Borough President's Office
UPDATE: The investor behind the buyback plan announced late Monday morning that he was withdrawing the proposal. Comptroller Scott Stringer released a statement calling the news " a tremendous victory for Apple's shareowners."
"As the New York City pension funds detailed in our letter to Apple shareowners, the proposal was too risky, short-sighted and it landed with a thud," Stringer wrote. "Apple's board of directors can now focus on maximizing value for long term shareowners."
Metro’s original story is below.
While an aggressive investor asks tech giant Apple to buy back $50 billion in stock, New York City's comptroller pushed back on behalf of pension holders across the boroughs.