Tim Cook said that he was ‘seriously’ considering returning more of the cash to investors, reports the Financial Times newspaper.

‘Cash problem’

Mr Cook also dismissed claims from billionaire hedge fund manager David Einhorn that the Cupertino-based iPhone manufacturer has a ‘cash problem’.
Mr Cook said that Apple’s board was actively discussing ‘a series of alternatives’ and would ‘seriously consider returning additional cash to our shareholders’.
However, Mr Cook also suggested that the company may use the cash for large-scale acquisitions and further investments in retail stores. He also refused to rule rumoured products, including a smart watch.

Worthy cause

‘The only religion that we have is we must do something great,’ said Mr Cook.
Addressing the lawsuit brought by Mr Einhorn, Mr Cook said that he found it ‘bizarre’ that his company was being sued for something that is ‘good for shareholders’.
He added that the money spent on this issue would be better spend donating to a worthy cause.
In response, Mr Einhorn’s Greenlight Capital hedge fund – which owns 1.3m Apple shares – released a statement saying: ‘If Apple thinks the lawsuit is a waste of resources, it could simply end the matter by complying with existing law and filing a new proxy that unbundles the proposed changes to the charter so that shareholders can express their views on each matter separately.’