Apple’s market value drops by $113 billion after a US antitrust case

Apple’s lawsuit alleging monopolization of the smartphone industry has negatively impacted the company’s market capitalization.

The software company’s stock dropped more than 4% during overnight Wall Street trading, causing a $113 billion decline in its market worth.

Fifteen states and the US Department of Justice (DOJ) brought the complaint against the internet behemoth. Apple was accused in the case of monopolizing the smartphone industry, undercutting smaller rivals, and raising consumer costs.

Apple’s losses for the year have now reached 11% as a result of this dramatic drop in shares. With a market valuation of more than $3 trillion, Apple was once regarded as the most valuable corporation in the world. However, the firm has not done well in 2024, underperforming the S&P 500 and the Nasdaq 100.

Tech behemoths like Amazon.com, Meta Platforms, and Alphabet’s Google have all been under regulatory fire recently for breaking antitrust rules.

“Consumers should not have to pay higher prices because companies violate antitrust laws,” said US Attorney General Merrick Garland. Apple’s stranglehold on smartphones will only become stronger if it is not challenged.”

Apple is accused in a US complaint of preventing competitors from accessing certain hardware and software functions on its products.

Furthermore, it is anticipated that any inquiries in Europe will center on Apple’s recently implemented charges, terms, and conditions for app developers using its platform.

Apple has refuted the claims made in the complaint, saying that it is “wrong on the facts and the law.”

The business issued a warning, stating that such measures may create a risky precedent that would enable the government to have excessive control over technological innovation.

“At Apple, we innovate every day to produce technology that people love. We do this by creating devices that are aesthetically pleasing, safeguard customers’ security and privacy, and function flawlessly together. “Our identity and the values that distinguish Apple products in highly competitive markets are at risk due to this lawsuit,” the company said.