The stock lost 4.09% of its value and is trading at $171.56 – Since the beginning of the year, the title of the technology giant has recorded a decline of 10%
Apple’s e-commerce stock has taken a nosedive after the US government sued the tech giant for violating antitrust laws.
The stock plunged at 4.09% and is trading at $171.56 while since the beginning of the year the tech giant’s stock is down 10%.
The lawsuitwhich was filed by the US Department of Justice in a New Jersey federal court, it is the latest move in a series of attempts that the US government has engaged in to curb what it claims is illegal antitrust behavior by some of the country’s biggest tech giants. Sixteen state and attorney generals have joined the US Department of Justice on this particular lawsuit.
“We claim that Apple has maintained its monopoly power in the smartphone market, not only staying ahead of the competition, but also violating federal antitrust laws,” said Attorney General Merrick Garland. “Left unchecked, it will continue to strengthen its monopoly on the smartphone market.”
According to CNBC, the lawsuit could lead Apple to implement changes in some of its most valuable businesses.: The iPhone, from which the giant had sales of more than $200 billion in 2023, the Apple Watch, but also the profitable service line from which it collected revenues of $85 billion.
Source: Skai
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