“Apple tax” litigation welcomes progress, Apple’s market value evaporates more than 540 billion yuan
2021-09-13 08:57:15Source: China Business Network
On September 10, local time, the California court issued an injunction, requiring Apple not to restrict App developers from directing users to a third-party payment system. Affected by this news, Apple’s stock price plunged in intraday trading. As of the close, it fell by 3.31% to US$148.97, with the latest total market value of US$2.46 trillion. That day, about 84.3 billion US dollars were evaporated, or about 543.2 billion yuan.
In August 2020, the game application “Fortress Night” under the game company Epic Games, in order to avoid Apple’s 30% commission on the application, bypassing Apple’s in-app purchase payment system, and providing users with cheaper direct payment channels to purchase games Inside items.
Apple quickly removed the game from the App Store for violating its payment rules. And a few days later, all developer accounts of Epic Games were deactivated and their iOS/Mac development tool permissions were cut off.
Subsequently, Epic Games filed an antitrust lawsuit in the court. However, the California court’s decision, in addition to the “Apple tax” ban, rejected Epic Games’ request for Apple to open up downloading channels for apps other than the App Store. Therefore, EpicGames plans to appeal some of the rulings it does not agree with, and Apple may also appeal.
On September 10, while Apple’s stock price plunged, other large technology stocks in the U.S. stock market declined. Wind data shows that as of the close, Google’s parent company Alphabet fell 1.86%, while Microsoft and Amazon both fell slightly.
China Business Daily reporter Li Cheng
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