The activist investor, who believes Apple shares should be valued at $216, called for Apple to boost its buybacks, using its huge stockpile of cash.
In an open letter to Apple CEO Tim Cook, activist investor Carl Icahn says the stock is worth double its current trading price.
The billionaire activist investor has a history with Apple, including getting CEO Tim Cook to take steps such as boosting the company's share repurchases.
The company wants investors to simply discard any proxy card sent to them from Carl Icahn in advance of the annual meeting in May.
E-commerce company not enamored of the activist investor's suggestion of spinning off the online payments provider.
Shareholders will vote in February on investor Carl Icahn's "non-binding" proposal to increase Apple's stock buyback program to $50 billion.
The activist investor now owns 27.8 million shares of eBay and more than 7.5 million shares of Apple, according to The Wall Street Journal.
The activist investor will drop his proposal to split off PayPal, while eBay will appoint one of Icahn's nominees to its board.
In yet another open letter to eBay shareholders, the activist investor outlines a scheme in which the online marketplace sells off part of PayPal.
Reid Hoffman claims that Carl Icahn's idea of spinning out PayPal from eBay is short-term thinking that treats the payment platform as a "cash cow that's ready to be slaughtered."