Over the past year, I’ve argued that Apple should not have spent its considerable cash hoard on stock buybacks and dividends. Instead, I’ve stated I thought Apple’s shareholders and customers would be better served by it spending its earned money on new products – either by acquisition or by internal investment.
Of all the possible investments or acquisitions they could make, I argued that the most attractive prize would be the electric car company Tesla.
Late Friday, a report emerged in the Wall Street Journal that Apple has over 1000 engineers currently working on a new project to build its own car.
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