GO
Loading...

Enter multiple symbols separated by commas

Icahn Raises His Stake in Motorola to 2.9%

Carl Icahn, who is pressing for a board seat and changes at Motorola , has raised his stake of the struggling mobile phone maker's shares to 2.9% from 2.7%, according to a regulatory filing late on Monday.

The billionaire investor said in January he would seek a board seat to push the No. 2 maker of mobile phones into using some of its $11.3 billion cash pile to buy back more shares.

Icahn, who has agitated for change at many companies and is also seeking board seats at WCI Communities and Temple-Inland, has lobbied for shareholders to vote him to the board at Motorola's annual meeting on May 7.

Motorola, which has lost about a third of its market value, or $22 billion, in the last five months due to a sharp fall in phone prices and stiff competition, has urged shareholders not to support Icahn.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.