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By Jacob Pramuk, CNBC

Billionaire investor Carl Icahn no longer has a position in Apple, he told CNBC's "Power Lunch" on Thursday.

The tech giant continued to shed value Thursday in the wake of disappointing earnings. Icahn previously owned a little less than a percent of the tech giant's outstanding shares.

Apple's stock traded about 0.7 percent lower Thursday, after falling more than 6 percent Wednesday. The company on Tuesday posted quarterly earnings of $1.90 per share on $50.56 billion in revenue, both of which missed Wall Street's expectations.

Apple's sales declined 13 percent from the prior-year period, its first year-over-year revenue drop since 2003. Sales of its key iPhone slid to 51.2 million from 61.2 million in the previous year.