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Apple loses $113 billion in value after regulators close in

Livemint

Livemint · 1y ago

Apple loses $113 billion in value after regulators close in

Apple is facing regulatory scrutiny and legal challenges in both the US and Europe. In the US, the Justice Department and attorneys general are suing the company for antitrust violations, while in Europe, Apple is under investigation for potentially breaching the region's Digital Markets Act. These concerns have led to a decrease in Apple's stock value and raised worries about the company's market dominance. The US lawsuit accuses Apple of blocking rivals' access to hardware and software features, while the potential European probes will focus on app store fees and terms. Apple has pushed back against these lawsuits, asserting that they are incorrect and threatening to set a dangerous precedent.

Related News

Apple loses bid to throw out UK lawsuit over App Store fees

Economic Times

Economic Times · 1y ago

Apple loses bid to throw out UK lawsuit over App Store fees

Apple's attempt to dismiss a lawsuit worth nearly $1 billion has been denied by a judge. The lawsuit accuses Apple of charging unfair commission fees to over 1,500 UK developers on purchases made through the App Store. The case alleges that Apple abused its dominant market position and seeks damages. Apple has faced increasing scrutiny over its commission fees from regulators in the US and Europe. The company has made changes to its App Store policies as a result of legal battles. The trial for this case is not expected before 2025.

Why Apple's $2 billion fine is a $80 billion problem

Business Insider

Business Insider · 1y ago

Why Apple's $2 billion fine is a $80 billion problem

European regulators have fined Apple $2 billion for antitrust violations, causing a decline in the company's stock price by as much as 3%. This translates to an approximate loss of $80 billion in market value. While Apple is planning to appeal the fine, investors are concerned about the implications for the company's future. With no groundbreaking inventions on the horizon, Apple has been relying on its services business, particularly its app store, for growth. The hefty fine indicates that Europe intends to push Apple to open up its app store, leaving investors uncertain about the long-term impact on the company.

Microsoft nears takeover of 'Call of Duty' maker Activision

Economic Times

Economic Times · 2y ago

Microsoft nears takeover of 'Call of Duty' maker Activision

Microsoft is close to finalizing its $69 billion acquisition of video game company Activision Blizzard, after UK regulators dropped their objections. The acquisition would make Microsoft the world's third-largest gaming company by revenue. The original deal was blocked in April by the UK's Competition and Markets Authority over concerns about competition in the cloud gaming sector. However, Microsoft submitted a new bid that addressed these concerns. The deal is expected to close by October 18.

Apple loses $1B a year on prestigious, minimally viewed Apple TV+

Arstechnica

Arstechnica · 7m ago

Apple loses $1B a year on prestigious, minimally viewed Apple TV+

Apple TV+ reportedly incurs over $1 billion in annual losses, with subscriber numbers around 45 million as of 2024. Despite spending cuts from Apple CEO Tim Cook, content budgets previously reached over $5 billion annually. The service remains Apple's only unprofitable one, attributed to limited viewership and modest marketing efforts. Unlike rivals, Apple TV+ lacks ads and price hikes but aims to integrate viewers into the Apple ecosystem. Its long-term strategy remains uncertain.

Apple loses against EU over €13 billion Irish tax bill | Mint

Livemint

Livemint · 1y ago

Apple loses against EU over €13 billion Irish tax bill | Mint

Apple has lost its court battle against a €13 billion ($14.4 billion) Irish tax bill. The EU’s Court of Justice ruled in favor of a 2016 decision by the European Commission that found Ireland had granted an unfair advantage to Apple through tax benefits. The ruling is seen as a boost to the EU’s effort to crack down on special deals offered by countries to large corporations. The decision comes as a blow to Apple but a victory for EU antitrust chief Margrethe Vestager, who has been targeting tax arrangements of tech companies.

Amazon loses $134 billion in market value as its share price slumped 8.8%, Jeff Bezos loses $15.2 billion of net worth

Livemint

Livemint · 1y ago

Amazon loses $134 billion in market value as its share price slumped 8.8%, Jeff Bezos loses $15.2 billion of net worth

Amazon shares experienced an 8.8% decline, costing the company $134 billion in market value. This drop also resulted in the reduction of $15.2 billion from founder Jeff Bezos' net worth. This is the third-largest loss for Bezos, following significant losses in 2019 and 2022. Additionally, tech billionaires such as Larry Ellison and Elon Musk lost $4.4 billion and $6.6 billion, respectively, due to the broader market slump. Overall, tech billionaires collectively lost $68 billion in net worth. The market downturn is attributed to disappointing earnings reports, concerns about AI investments, and waiting for the Federal Reserve's rate cut announcement.

Jack Ma praised a key rival. A day later, it overtook Alibaba as China's most valuable e-commerce company.

Business Insider

Business Insider · 1y ago

Jack Ma praised a key rival. A day later, it overtook Alibaba as China's most valuable e-commerce company.

Chinese e-commerce company PDD, the parent company of Temu, has surpassed Alibaba as the most valuable e-commerce company in China. This happened a day after Jack Ma praised PDD's strategic decisions and called on Alibaba employees to rise to industry challenges. PDD's market cap is now nearly $185 billion, while Alibaba's market cap is around $184 billion. Alibaba has faced challenges in recent years, including criticism of Chinese regulators and a significant drop in its stock value.

OpenAI sees $11.6 billion revenue next year, offers Thrive chance to invest again in 2025

Economic Times

Economic Times · 1y ago

OpenAI sees $11.6 billion revenue next year, offers Thrive chance to invest again in 2025

Thrive Capital is set to invest over $1 billion in OpenAI's current $6.5 billion fundraising round. As part of the deal, Thrive has the potential to invest another $1 billion next year if OpenAI reaches a revenue goal. OpenAI predicts its revenue will reach $11.6 billion in 2023, while losses for this year could be as high as $5 billion. The funding round, expected to close next week, could value OpenAI at $150 billion. Thrive Capital led OpenAI's previous funding round and is offering $1.2 billion for this round. Other investors include Microsoft, Apple, Nvidia, and Khosla Ventures.

Apple fights €1.8 billion EU antitrust fine for curbs on Spotify

Economic Times

Economic Times · 1y ago

Apple fights €1.8 billion EU antitrust fine for curbs on Spotify

Apple Inc. is appealing a €1.8 billion ($1.9 billion) fine imposed by the European Union for allegedly hindering fair competition among music-streaming rivals, such as Spotify. The iPhone maker has filed a lawsuit at the EU's General Court to contest the decision and challenge the order to stop preventing music-streaming apps from informing users of cheaper deals outside the App Store. The European Commission has expressed its readiness to defend its decisions in court. This comes after previous disputes between Apple and the EU over a record tax bill. Silicon Valley firms face increasing scrutiny from EU competition regulators.

Jupiter makes Rs 7 Cr in FY23 and loses Rs. 327 Cr

YourStory

YourStory · 1y ago

Jupiter makes Rs 7 Cr in FY23 and loses Rs. 327 Cr

In its third operational year, neobank Jupiter, backed by Tiger Global, reported a sharp rise in consolidated net losses, soaring 109% to INR 327 crore in FY23, attributed to increased expenses. Operating revenue showed improvement, reaching INR 7 crore from last year's INR 42 lakh. Expenses surged by almost 113%, primarily in employee benefits and processing charges. Despite subdued core business earnings, Jupiter achieved a total revenue of INR 56 crore, up from INR 22 crore, driven by income from investments like interest on fixed deposits and gains on quoted mutual funds.

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