Billionaire activist investor Carl Icahn speaks during a Bloomberg Television interview at the Robin Hood Investors Conference in New York City on Oct. 21, 2014.
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By Dan Primack / Fortune
May 18, 2015

Carl Icahn on Monday morning published an open letter to Apple CEO Tim Cook, arguing that the tech giant’s stock is worth $240 per share.

That would be 83.38% higher than today’s opening trades for Apple, and would bump the company’s market cap up to a whopping $1.38 trillion.

Icahn also wants Apple’s board to undertake a push larger share buyback than the $50 billion package that is currently approved (which followed an $80 billion buyback for which Icahn had agitated). From Icahn’s letter:

This is hardly the first time Icahn has told Apple that its shares are severely undervalued. Back in February, he argued that the company’s shares were worth $216 a piece.

This article originally appeared on Fortune.com.

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