Apple's capitalization fell by $85 billion due to the court's decision on the App Store
Shares of Apple Inc. fell in price after a court ruled that the company should change the policy of working with applications in the App Store. This is reported by Bloomberg.
The company's shares fell by as much as 3.5%, which was the biggest drop since May 4 and led to a decrease in the market capitalization of the iPhone maker by almost $85 billion.
The drop occurred after the announcement of a court ruling, according to which the company does not have the right to prohibit developers from posting links to alternative payment methods in iOS applications. A federal judge granted the claim of Epic Games, which filed a lawsuit against Apple on 10 points. The court satisfied only one point concerning payment methods in the App Store. He also ordered the game manufacturer to compensate Apple for the breach of contract.
The judge ruled that Apple restricts consumer choice illegally, but the success of a company that is not a monopoly is вЂњnot illegal.вЂќ
Epic Games sued Apple last year when the Fortnite game was removed from the App Store. The developer added payment functions to the game bypassing the App Store, and Apple, in turn, accused the company of violating the store's rules, which are designed to protect the safety of users.