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In a significant development, the U.S. Justice Department is reportedly gearing up to file an antitrust lawsuit against Apple (Nasdaq: AAPL), challenging the tech giant’s business practices and alleging anti-competitive behavior. The lawsuit, which has been years in the making, will likely have far-reaching implications for Apple and the broader tech industry.
US DoJ Likely to File an Antitrust Lawsuit Against Apple
According to reports, the U.S. Justice Department is preparing to file an antitrust lawsuit against Apple, posing a significant legal challenge to the tech giant’s business practices.
The lawsuit, likely the culmination of years of allegations, accuses Apple of stifling competition through restrictive app store terms, high fees, and its “walled garden” approach to hardware and software integration.Apple’s controversial practices, such as charging a substantial 30% commission on most app store sales and restricting third-party access to specific hardware features, are at the heart of the legal action. These policies have drawn criticism from app developers and regulators alike.The lawsuit’s potential impact on Apple, which boasts a market value just shy of $3 trillion, could be far-reaching. It could change the company’s policies, business strategies, products, and applications.As part of the Biden administration’s broader effort to hold Big Tech accountable under U.S. antitrust law, the case against Apple is expected to become a symbol of the government’s commitment to promoting competition and addressing concerns over digital economy monopolies.
Apple Stock Drops Amid Expected Justice Department Action
Apple Inc. stock dropped following the news of the U.S. Justice Department’s impending antitrust lawsuit against the tech giant. As of 10:19 AM EST, Apple’s stock price stood at $175.15, down by $3.52 or 1.97% from the previous close of $178.67.The stock opened at $177.00; Apple’s market capitalization remained robust at approximately $2.72 trillion.More By This Author:BoE, Federal Reserve Keep Interest Rates Steady Amid Inflation Watch
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