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Bloomberg Daybreak: Asia Edition
DOJ Sues Apple, Reddit Shares Soar
Mar 22, 2024
DOJ sues Apple for antitrust violations, Reddit's successful IPO, central bank decisions impact global economy
24:58
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Quick takeaways
- Apple faces DOJ antitrust suit for alleged app distribution control hindering innovation and consumer choice.
- Reddit's successful IPO signals IPO market revival with focus on profitability, unique data platform, and revenue diversification.
Deep dives
US Justice Department Lawsuit Against Apple for Antitrust Violations
The US Justice Department filed a lawsuit against Apple, accusing the tech giant of violating antitrust laws by using its control over app distribution on iPhones to stifle innovation. The lawsuit alleges that Apple's practices hindered consumer choice and made switching phones less convenient. Despite challenges in proving intentional competition limitation, the suit emphasizes a five-year investigation into Apple's conduct.
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