Apple now has more than $250 billion in cash, and one investor is demanding the company start spending its money.
Speaking during CNBC's "Closing Bell" on Tuesday evening, Gerber Kawasaki Wealth and Investment management CEO Ross Gerber said he's tired of Apple sticking by its playbook.
"Their services business has a lot of risk to it from other companies like Netflix and Spotify and Samsung and all the other players," Gerber said. "And they have all this cash, and all they can come up with is the same playbook, which is buy back stock and pay dividends," Gerber said. "Buy something, please. Go out and do something aggressive."
True to the playbook Gerber references, Apple increased its quarterly dividend on Tuesday from $0.57 to $0.63, paying out a total of $13.22 billion to investors. That bump in dividend helped Apple surpass Exxon as the largest dividend payer in the world, S&P Global said Tuesday.
Gerber has previously suggested Apple buy GoPro but did not make any new suggestions for Apple during Tuesday's comments.
"It's time to put the heat on Tim Cook," Gerber added. "It should be illegal to have $250 billion dollars in cash and not utilize it – that is what you're supposed to do as CEO," Gerber said.
"It's a value stock, and that's all it is."