- Bay Area Times
- Posts
- Apple sued by DOJ over alleged iPhone anticompetitive monopolistic practices
Apple sued by DOJ over alleged iPhone anticompetitive monopolistic practices
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/e17c23f3-58a2-4d15-b965-192be2687e69/Bay_Area_Times_email.png)
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
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/4bbf8559-c956-4b11-8d3a-c6dbe8f2dc4c/Screenshot_2024-03-22_at_10.10.36_AM.png?t=1711102273)
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5e5387fb-db77-4781-86f2-6ee1c3f41eda/Screenshot_2024-03-22_at_9.36.29_AM.png?t=1711100225)
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.
*Sponsored.