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Apple sued by DOJ over alleged iPhone anticompetitive monopolistic practices

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Top stories today:

  1. Apple sued by DOJ over alleged iPhone anticompetitive practices
  2. Reddit stock +48% on 1st trading day, closes at $8B market cap
  3. Weight-loss drug sales reach $21B in 2023, $15B in U.S.

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. Apple sued by DOJ over alleged iPhone anticompetitive practices

  • Apple has a 65%+ market share in the U.S. for premium smartphones, the suit says.

    • But only ~20% globally, we should note.

  • 5 claims of suppression: super apps, cloud streaming apps, messaging apps (blue vs. green checks), digital wallets, and smartphone cross-platform compatibility.

  • Apple has a history of winning antitrust cases: in 2014, it won a class-action over iPod-iTunes tying, and as of 2024, it won most claims in Epic's suit against it.

  • Stock closed -4% on the news, after being -1% in the pre-market on speculation of the lawsuit.

2. Reddit stock +48% on 1st trading day, closes at $8B market cap

  • $748M was raised for the company and shareholders.

  • 4th largest U.S. IPO in 2024.

Advance Publications’s stake is now worth $2.1B, from an initial $10M purchase price (and additional investments estimated at $10M’s)

Read more: Bloomberg.

  • Join nearly 5 Million others on BetterHelp, the world's largest professional therapy platform done online.

  • Getting started is easy: take the quiz and get matched to a licensed therapist that fits your needs and preferences in as little as 48 hours. Then, schedule your first session via video, phone or live chat. 

  • The best part: no more driving to and from appointments or getting on a waitlist. Switch therapists or cancel anytime. 


4. Weight-loss drug sales reach $21B in 2023, with $15B coming from U.S.

5. Microsoft announces Surface Pro 10, Laptop 6 for business, focusing on AI use cases

Read more: The Verge.

6. DoorDash brings drone delivery pilot to U.S., in partnership with Wendy’s, Alphabet’s Wing

7. Joe Rogan leads Spotify's podcast rankings with 14.5M subscribers

8. Interesting videos, posts, and memes

9. Other headlines


  • Microsoft paid Inflection ~$650M in deal structured as license.

  • Foundry, AI for cloud computing, raises $80M, now valued $350M.

  • UN adopts global resolution on safe AI governance.

  • Tennessee’s AI Elvis Act becomes law, protects voice rights.

  • RAD AI: AI marketing leader, 3X growth, trusted by Hasbro & MGM. Invest in AI today!*

* Sponsored. Disclaimer: This is a paid advertisement for RAD AI’s Regulation CF offering. Please read the offering circular at invest.radintel.ai.


Tech & law

  • Beijing can use TikTok to spy, push propaganda: Senate classified briefing.

  • EU set to start full-blown investigation of Apple's, Google's DMA compliance.


  • Gene-edited pig kidney transplanted into patient for 1st time.

  • Medicare can pay for weight loss drugs for patients with heart disease.

  • FDA approves nonsteroidal treatment for Duchenne.



  • 3AC’s Kyle Davies tried to lure LayerZero to lend entire treasury: CEO.

  • Do Kwon’s Korea extradition uncertain after challenge from top prosecutor.

  • Uniswap: making it easier to buy, sell and trade tokens on Ethereum.*


U.S. politics

  • LNG exports pause leads 16 GOP AGs to sue Biden admin.

  • Georgia DA seeks to press Trump’s trial to start this summer.

  • NYAG prepares to seize Trump’s NY properties in case of default.

  • No Labels continues its search for a Republican to lead its bipartisan ticket.

  • House GOP Committee sue DOJ tax attorneys in Hunter Biden probe.


  • U.S.-sponsored ceasefire resolution in UN may be voted on today.

  • Ukraine urged by U.S. to cease strikes on Russian oil refineries.

  • Ukraine starts using land drones (unmanned vehicles) in war.

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