Apple Loses $85 Billion Worth of Value After App Store Ruling
Apple Inc. shares suffered their steepest selloff in months on Friday after a federal judge ordered the company to change the way it operates its App Store, which would hurt the profitability of that business unit.
The stock fell 3.3%, its biggest decline since May 4, erasing about $85 billion from the iPhone maker’s market capitalization. The size of the loss is bigger than all but 98 components of the S&P 500 Index.
A federal judge granted an injunction sought by Epic Games Inc. which would allow developers to steer consumers outside payment methods for mobile apps. It also ordered the game maker to pay damages to Apple for breach of contract.
Friday’s slump handed Apple its first weekly decline in three weeks. The stock remains up more than 12% so far this year.
The S&P 500 Index fell 0.8% on Friday. As the largest component of the benchmark index, with a market value above $2.4 trillion, Apple accounted for about a quarter of the benchmark’s decline.
