Apple Shares Plummet as China Bans Government Officials from Using iPhones

Apple shares took a massive hit, resulting in a nearly $200 billion loss in market value, after Beijing implemented a ban on government officials from using iPhones.

Background

Apple’s market value plummeted due to recent reports that China has prohibited government employees from using iPhones and other foreign devices for work or bringing them to the office.

Market Reaction

As a result, Apple’s shares experienced a 3% drop on Thursday and a total decline of 6.4% over the past two days.

Yesterday, the company’s shares closed trading at $177.56, marking a decrease of 2.92% according to Bloomberg data.

Source

Source: RT

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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