Apple has lost around $200 billion in market capitalization over several days as tensions between the U.S. and China rise, with several media outlets reporting this week that the iPhone maker is being singled out by Beijing
Apple has lost around $200 billion in market capitalization over several days as tensions between the U.S. and China rise, with several media outlets reporting this week that the iPhone maker is being singled out by Beijing.
Apple shares fell 3% Thursday and are down more than 5% for the week on reports of an iPhone ban for Chinese state employees that is being dictated by Beijing.
The ban was first reported by the Wall Street Journal, which cited unnamed sources saying China is ordering officials at central government agencies not to use iPhones or other foreign branded phones. The Financial Times cited six unnamed sources at government institutions and state-owned companies, including a nuclear technology company and a hospital, saying they’ve been told to stop using Apple phones. The ban widens earlier restrictions on using iPhones for work, the outlets said.
“Beijing is looking to reduce its dependence on U.S. technology, but this (ban) acts as a significant headwind to Apple as China is its largest international market and accounts for about 20% of its revenues,” said Victoria Scholar, head of investment at interactive investor, a U.
