APPLE is massively undervalued, claims Icahn Activist investor puts further pressure on US technology buy back shares. Apple may be the largest company in the world, with a market capitalisation of more than $600bn, but it is figure, the activist investor Carl Icahn has claimed. Mr Icahn claimed yesterday that Apple was "dramatically undervalued", as he rebooted his long- running campaign for the tech giant to buy back more shares. In an open letter to Tim Cooke, Apple's chief executive, he urged the company to put its $133bn cash pile to use by raising its existing share repurchase programme. The billionaire investor said he felt compelled' to urge Mr Cook to take action now, because his hedge fund forecasts, "such impressive earning grows growth over "The more shares repurchased now, the more each remaining shareholder will benefit", he said the 4,000-ord letter, entitled "sale: Apple shares at half price" Apple remained silent on the subject, but there can be no doubt that Mr Icahn's epistle seized executive's attention behind closed doors.