Apple has lost nearly $200 billion in market capitalization over the past few days amid multiple reports of an iPhone ban for workers in China.
Apple shares fell about 5.5% over the past five days after falling about 1% over the past month.
Despite recent declines, shares were up on Friday and aiming for their biggest percentage rise since Aug. 30, 2023, when shares rose 1.92%, according to Dow Jones Market Data Group. By Friday afternoon, Apple had regained a market value of nearly $40 billion.
Apple did not respond to FOX Business’ request for comment.
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The Wall Street Journal first reported that employees at China’s central government agencies received instructions from superiors in recent weeks in workplace chat groups or during meetings about the new directive to curb Beijing’s reliance on foreign technology. Were.
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The move was also branded as a way to strengthen cybersecurity amid a campaign to curb the flow of sensitive information out of China.
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Sources also told the newspaper that iPhone use in government jobs in China has been limited for years, but the new directive extends the ban and signals a greater effort from Beijing to enforce the rules.
Young people check mobile phones during dinner time at a cafeteria in Shanghai, China on September 3, 2021.
Sources said similar messages about restricting iPhone use at work have been sent to employees of some central government regulators.
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According to the Journal, as Beijing’s rivalry with Washington, DC intensifies, Chinese President Xi Jinping is placing an emphasis on national security, which has tightened state control over data and digital activities in recent years.
The Financial Times cited unnamed sources at government institutions and state-owned companies in China who said they had been told to stop using Apple technology.
fox business reporter Danielle Wallace Contributed to this report.
Original article source: Apple loses nearly $200B in market cap in just a few days due to reports of iPhone ban in China