Wednesday, May 18, 2022

Apple (AAPL) Stock Surged On Tuesday, Facebook (FB), Alphabet (GOOGL) Stock Plummeted

On Tuesday, Apple Inc (AAPL) climbed 2.85 percent to $131.88. The iPhone maker, according to Reuters, has set itself the goal of developing a passenger car that could be fitted with its own electric battery technology as early as 2024. According to one of the agency’s sources, an advanced technology that could minimize battery costs and increase vehicle autonomy is at the core of the project, called “Titan”, which has been progressing in fits and starts since 2014. In 2018, the project was resurrected with the return of Doug Field, an Apple alumnus who worked for Tesla.


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On the other hand, Alphabet Inc (GOOGL) fell -0.83 percent to $1720.22 while Facebook Inc (FB) also took a plunge of -2.09 percent to $267.09. In the face of justice, Google and Facebook become one. The two U.S. tech giants have vowed to support each other, according to a report in the Wall Street Journal, if they are prosecuted for their collaboration in the field of online advertisement. The announcement comes as 10 U.S. states filed a lawsuit last week against Google for misusing the dominant position of the search engine.


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In September 2018, Google and Facebook allegedly reached an agreement in which Facebook pledged not to interfere with the online advertisement resources of Google. In return, according to the WSJ, the social media giant allegedly got “special treatment” when used those sources itself. Google and Facebook were aware that their partnership could prompt antitrust investigations, according to the complaint seen by the financial journal, and debated how to deal with them. ‘CNBC’ was told by a Google representative that the statements made in relation to the case were false. “The idea that it was a secret agreement is simply wrong. We have been making this partnership public for years.” A Facebook representative told the newspaper that it is baseless to make any claims that the contract hurts competition or any indication of the company’s wrongdoing.

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