Apple's market value drops by $200 Billion
By The Anand Market
Apple's Market Woes
Apple's market value drops by $200 billion amid rising U.S.-China tensions. Reports suggest Beijing is targeting Apple.
Stock Price Decline
Apple's stock price fell by 3% on Thursday. For the week, the stock is down over 5%.
iPhone Ban for Chinese Officials
Beijing reportedly bans Chinese state employees from using iPhones.
Wider Ban Scope
Reports indicate that the ban extends to government institutions and state-owned companies.
China is Apple's largest international market, accounting for about 20% of its revenues.
Chinese Foreign Ministry spokesperson Mao Ning refrains from directly commenting on the ban, emphasizing compliance with Chinese laws and regulations.
Global Geopolitical Climate
President Joe Biden's recent executive order reflects growing competition between the world's two largest economies.
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