Apple's major issues: Stock market was shocked, losing $137 billion in a single day, after a lawsuit was filed first

The troubles of iPhone manufacturing company Apple are increasing. First Apple was accused of harming consumers and small companies and now there has been a big shock in the stock market.
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Apple is the target of a lawsuit brought by the US government for breaking antitrust laws. On Thursday, Apple was the target of an antitrust lawsuit filed by the US Justice Department and sixteen state solicitors general. The company is being investigated in Europe at the same time for possible violations of the Digital Markets Act.

Over the past ten years, India has seen a sharp increase in mobile production. From $998 million in the same period of the fiscal year 2022–2023 to $3.53 billion in the current fiscal year, India's smartphone exports to the US increased. On Thursday, the Apple Company's shares did, however, decline by 4.1 per cent. As a result, the company's market value dropped by roughly 113 billion dollars in a single day.

This is not the first time that Apple has come under investigation. The company and people associated with it have been facing allegations for years of benefiting themselves by suppressing competitors. However, as Apple's products have become more popular and a part of daily life around the world, the administration has also become cautious about it.

Apple violated antitrust laws by adopting several policies to restrict and inhibit competition, which prevent other companies from offering applications that compete with its products, such as digital wallets. This would have potentially reduced the value of the iPhone.

According to excerpts of the lawsuit filed in the U.S. District Court for the District of New Jersey, Apple's actions harm consumers and small companies that compete with its services. The government claims that Apple's conduct has strengthened its smartphone monopoly over the years, resulting in unfair profits. At the centre of the lawsuit is Apple's flagship product, the iPhone. Critics argue that Apple tightly controls the user experience on its devices. Gives preference to his products and services over competitors.

Professor of antitrust law at George Washington University Law School Bill Kovacik stated that the company will undoubtedly lose money if multiple cases surface at the same time. The company will still have lost in other respects even if it prevails in the lawsuit.

Apple declared the US District Court lawsuit to be fraudulent. The company's capacity for innovation will be jeopardised by this move, it is also advised. Government meddling in the creation of technology could also create a risky precedent. The business promised to fight back hard against the action. On the European investigation, the business remained silent.