During the last 48 hours, Apple’s market capitalization has experienced a decline exceeding 6%, translating to an approximate loss of $200 billion (£160 billion).
Apple’s shares have experienced a second consecutive day of decline in response to reports indicating that Chinese government employees have been prohibited from using iPhones.
In the past two days, the tech company’s stock market value has dropped by over 6%, equivalent to nearly $200 billion (£160 billion).
China stands as Apple’s third-largest market, contributing 18% of its total revenue last year. Additionally, the majority of Apple’s products are manufactured by its primary supplier, Foxconn, in China.
The Wall Street Journal (WSJ) reported on Wednesday that Beijing had instructed officials in central government agencies not to bring iPhones into their offices or use them for work purposes. On the subsequent day, Bloomberg News suggested that this ban might also extend to employees of state-owned enterprises and government-affiliated organizations.