Apple’s share price is falling as regulators in the US and Europe crack down on the tech giant.
Duplicate investigations on both sides of the Atlantic are making investors nervous, with fears of fines and forced changes to the way companies operate
The company’s shares fell 4.1 percent on Thursday, dropping $113 billion in market value.
This year, losses amounted to 11 percent – at a time when the rest of the market is posting record highs.
Today, shares opened at about the same price as Thursday – $172 – but then fell back down.
The U.S. Department of Justice and 15 states allege it used robust demand for its iPhone and other products to drive up prices and hurt smaller rivals in the first major antitrust effort against Apple.
U.S. Attorney General Merrick Garland, along with Deputy Attorney General Lisa Monaco (L), announce an antitrust lawsuit against Apple at the Department of Justice in Washington, D.C. on March 21
For example, it is claimed that Apple is making it more difficult for competing payment apps and smartwatches to work with iPhones.
Instead, it prioritizes Apple Pay and Watch, rather than PayPal or Garmin, for example. Shares of both companies rose today on news of the lawsuit.
Another major complaint concerns messaging. U.S. Attorney General Merrick Garland said users who try to message owners of other brands of smartphones end up experiencing issues such as videos not being sent.
Apple shares are having their worst day since August 2023 – down 4 percent at one point – on a day when the stock market hit record highs across the board.