Icahn had been trying to convince Apple CEO Tim Cook to accept a buy back $150 billion worth of shares.
Icahn filed a shareholder proposal with Apple on November 26, three days before the deadline for measures to be voted on at the company's next annual shareholders meeting.
He clarified that his move is not a proxy fight.
Apple is currently in the midst of returning $100 billion to shareholders, including a share repurchase program of $60 billion.
Icahn has previously met with Apple CEO Tim Cook over dinner to discuss the program, and in October, he posted an open letter to Cook about the topic on his Web site.