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Top stories today:
- Apple sued by DOJ over alleged iPhone anticompetitive practices
- Reddit stock +48% on 1st trading day, closes at $8B market cap
- 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 Publicationsās stake is now worth $2.1B, from an initial $10M purchase price (and additional investments estimated at $10Mās)
Read more: Bloomberg.
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