Two major Apple investors have urged the tech innovator to conduct an in-depth study into the impact of iPhone addiction among children. Apple shares ended higher in the US, Friday.
The open letter from Jana Partners and the California State Teachers Retirement System, (CSTRS) who collectively own $2 billion in Apple shares, was published Saturday.
Apple shares ended the US Friday trading session 1.14% higher at $175.00. The Apple stock gained around 5 cents in the first week of 2018.
Investors publicly voice concerns
The open letter from the two major Apple shareholders, addresses research into the growing smartphone addiction among those aged under 18 and the effect it can have on their adult lives.
Specifically, it details that young owners and users of smartphones, who spend four hours or more on their phones each day, are at a greater risk of suffering from depression when they’re older, when compared to those who use their phones for one hour or less, each day.
As well as detailing the potential problems smartphone addiction can cause, the letter also acknowledges that many parents are trying to intervene and limit their children’s use of smart phones and tablets.
“It is both unrealistic and a poor long-term business strategy to ask parents to fight this battle alone,” Jana LLC and CSTRC said.
“Imagine the goodwill Apple can generate with parents by partnering with them in this effort and with the next generation of customers by offering their parents more options to protect their health and well-being,” the letter goes on.
Research would extend Apple’s image as an innovator
The letter is also clear that Apple is not solely to blame for the growth in smartphone use among children, nor the increase in addiction of them.
However, the letter urges Apple to continue its reputation as an innovator by lending its might to researching the problem.
“As a company that prides itself on values like inclusiveness, quality education, environmental protection, and supplier responsibility, Apple would also once again be showcasing the innovative spirit that made you the most valuable public company in the world,” the letter states.