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US Sues Apple, Truth Social Stock, NCAA Tournament Preview
Just reporting the facts.
Centrist Chronicle
March 23, 2024
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Yesterday, the US Department of Justice initiated legal proceedings against Apple, accusing the technology behemoth of breaching antitrust regulations within the smartphone arena. The accusation centers on Apple's alleged actions to obstruct third-party companies from effectively integrating with its iPhone devices. Apple defends these measures as essential for preserving the superior user experience its software is known for.
This legal action is distinct from another recent case targeting Apple's App Store policies, which impose up to a 30% fee on transactions within any app obtained through the platform. Currently, approximately 65% of smartphone users in the US utilize iPhones. Following this announcement, Apple's stock value fell by 4%.
A particular point of contention highlighted by the prosecutors is the so-called "green bubble issue." This refers to the scenario where text messages from non-iPhone devices are displayed in green bubbles, in contrast to the blue bubbles for messages from iPhone devices, resulting in diminished quality for video and photo sharing and an absence of end-to-end encryption for the affected users.
Additionally, the lawsuit references a widely circulated video where Apple's CEO, Tim Cook, is seen advising an inquirer to buy his mother an iPhone to enable the sending of high-quality videos.
Today, shareholders are slated to vote on a potential merger between the publicly listed special purpose acquisition company (SPAC), Digital World Acquisition, and Trump Media and Technology Group, which operates the Truth Social platform founded by ex-President Donald Trump. Should the merger receive approval, Trump Media might become a publicly traded entity by the next week, potentially increasing Trump's net worth from $2.6 billion to over double that amount.
Digital World Acquisition, with a market valuation of $1.6 billion, announced its intention to merge with Trump Media in October 2021, a few months before the launch of Truth Social. This year, the value of DWA's shares surged by 145% to $43, supported by Trump's enthusiast base and transforming it into a meme stock, known for stocks that gain traction through social media engagement.
Despite its financial outcomes showing about $5 million in revenue and a $32 million loss since its inception, the merger proposition pegs Truth Social's worth at $6 billion. Post-merger, Trump is poised to hold nearly 60% of the new conglomerate. At the present stock prices, his fortune could see an increment of $3.5 billion, although he is bound by an agreement that prohibits share sales for six months following the merger.
Following an electrifying regular season in women's college basketball – marked by Caitlin Clark shattering scoring records, South Carolina's unbeaten run, and the emergence of freshmen phenoms JuJu Watkins, Hannah Hidalgo, and Madison Booker – the excitement crescendos as the NCAA Tournament kicks off.
The preliminary First Four games are set for Wednesday, setting the stage for the tournament to shift into high gear by Friday.
Despite losing its starting lineup from the previous year's Final Four, South Carolina notched up another impeccable regular season, maintaining a 32-0 record. Under Dawn Staley's leadership, the Gamecocks have once again clinched the top seed, positioning them on the most favorable trajectory toward the Final Four.