Apple loses US$113 billion in market value after US lawsuit, says agency

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The technology giant is accused of using its power in the cell phone market to get more money from consumers in the US. In turn, the company says the process is ‘wrong on the facts and the law’. Tim Cook, CEO of Apple, presents the iPhone 11 Pro during an event at the Steve Jobs Theater, in Cupertino, California Stephen Lam/Reuters The lawsuit by the US Department of Justice and fifteen other American states against Apple caused the owner of the iPhone lost US$113 billion in market value on Thursday (21), according to information from Bloomberg. Big tech has been accused of illegally monopolizing the smartphone market in the country. On Thursday, the company’s shares fell 4.1%, causing its market value to plummet by billions, recording a cumulative loss in 2024 of 11%, according to Bloomberg. It also underperformed the Nasdaq 100 (an American stock exchange that brings together technology companies) and the S&P 500, which has the 500 largest companies in the world that are listed on the New York Stock Exchange and the Nasdaq. Apple shares, whose market value peaked at $3.081 trillion in December 2023, ended last year with a 48% gain. Along with Microsoft, they are among the most valuable companies in the world. Lawsuit against Apple Apple joins a list of major technology companies sued by US regulators, including Google, Meta and Amazon, during the administrations of former President Donald Trump and President Joe Biden. The Justice Department alleges that Apple uses its market power to obtain more money from consumers, developers, content creators, artists, publishers, small businesses and merchants. “Consumers should not have to pay higher prices because companies violate antitrust laws,” Attorney General Merrick Garland said in a statement. “If left unchallenged, Apple will only continue to strengthen its smartphone monopoly.” According to Bloomberg, Apple said the lawsuit is “wrong on the facts and the law.” He also said that he could “set a dangerous precedent” and that he will defend himself. MORE ; get to know the Apple Vision Pro project: see first impressions about virtual reality glasses Apple Vision Pro: see first impressions about virtual reality glasses CEO of TikTok is questioned about his nationality in the US Senate CEO of TikTok is questioned about his nationality in the US Senate USA Cell phone duel: Galaxy S24 x iPhone 15 Cell phone duel: Galaxy S24 x iPhone 15

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