Washington, Feb 11 : Activist investor Carl Icahn is reportedly dropping his petition for Apple to buy back 50 billion dollars of its stock from shareholders.

The investor decided to withdraw his aggressive buyback campaign, following the Institutional Shareholder Services' (ISS) opposition and arguments against his plans.

The prominent proxy firm Institutional Shareholder Services (ISS), which acts as an influential adviser to investors, had recommended that shareholders vote against his proposal, the Verge reported.

Meanwhile, it is reported that Apple was also not in favour of the proposal made by Icahn. (ANI)