- Jul 31, 2021
Apple was ordered by U.S. Magistrate Judge Nathanael Cousins to pay the court $25,000 per day starting December 16. The company will have to pay the same every single day that it fails to provide documents related to FTC lawsuit against Qualcomm.
Interestingly, the amount of $25,000 is the profit that Apple made every 16 seconds in its last fiscal year. As per the court’s order, the tech giant needs to turn over the docents by December 29. Otherwise, the amount will increase as a penalty and will continue till they provide the documents.
Spokesperson Josh Rosenstock for Apple said that they will appeal the ruling and that they already provided 2.6 million documents by the deadline of December 15. He further added that they “are working hard to deliver the millions more which have been requested in an unprecedented time frame.” Apple also said that Qualcomm is prematurely behaving as an attacking move against its rival.
On the other hand, Qualcomm may be taken over by rival Broadcom who also have expertise in chip designing. The offer includes either $105 billion or a combination of $60 in cash $10 per share in Broadcom stock for each Qualcomm share.
Whatever happens for the Qualcomm takeover, the Apple fans do hope that the brand gets favored by its appeal on the ruling.