Lawsuits in the United States have caused Apple to lose tens of billions in market value, according to Bloomberg. The U.S. Department of Justice and 16 attorneys general have filed a lawsuit against Apple for violating antitrust laws. In Europe, the company is reportedly facing investigations into whether it complies with the region's Digital Markets Act.
On Thursday, the company's stock price dropped by more than 4%, leading to a loss of approximately $115 billion in market value, with stock losses since the beginning of the year exceeding 11%. Once the most valuable company in the world at over $3 trillion, Apple's stock performance has lagged behind the Nasdaq 100 and S&P 500 indices in 2024.
According to Bloomberg, this is not the first time Apple has faced regulatory scrutiny. The company and its peers have faced accusations for years of profiting by suppressing competitors. However, as Apple's products have become increasingly popular and entrenched in consumers' daily lives worldwide, authorities have also grown more aggressive and cautious about its power.
The U.S. lawsuit filed in federal court in New Jersey accuses Apple of preventing competitors from accessing features on its popular devices and software. Meanwhile, potential investigations in Europe may also target some of Apple's competitors, focusing on new fees and terms imposed by the company on app store developers.
In response to the U.S. lawsuit, Apple described it as "incorrect in terms of fact and law," warning that such action "would set a dangerous precedent and empower the government to intervene aggressively in technology design that matters to humanity," vowing to "vigorously defend" itself. Apple, which has just been fined €1.8 billion ($2 billion) by the European Union for preventing music streaming apps from notifying users about cheaper offers, has been under intense scrutiny since the Digital Markets Act came fully into effect on March 7.
