Apple shares are under pressure after the US Department of Justice and 15 US states sued Apple, accusing the company of monopolizing the smartphone market. Apple shares have now lost almost 4%, recording the largest price loss since August 2023, UNN reports , citing Reuters, Finanzmarkt Welt, and Finance Yahoo.
Details
Apple's stock price falls as the Department of Justice and 15 US states sue Apple, accusing the company of monopolizing the smartphone market, the first major antitrust lawsuit against the iPhone maker.
Apple shares lost almost 4% during this time, recording the largest drop since August 2023
Up to $100 billion has been lost from Apple's market valuation. Yesterday, the stock's decline was recorded at 3.8%, which is enough to remove $100 billion from the tech giant's market capitalization, Finance Yahoo writes.
AddendumAddendum
The California-based company has also been under scrutiny by regulators in Europe, and earlier this month was fined €1.84 billion ($2 billion) for hindering competition in music streaming through restrictions on its App Store, Reuters notes.
Apple is appealing the fine, but faces more scrutiny under the block's Digital Markets Law, new rules for big tech that came into effect earlier this month.
Among other lawsuits against Apple is a class action lawsuit filed on March 1 in a federal court in San Jose, California, which accuses the company of monopolizing the cloud storage market in its mobile devices.
Recall
This week, the US Department of Justice (DOJ) will file a lawsuit against Apple, the iPhone company, for allegedly violating antitrust laws. Apple is accused of creating obstacles for competitors to gain access to the iPhone's hardware and software features.