Apple shares closed lower in the US Friday, as the Facebook data breach scandal continues to rock the tech world. Meanwhile, speaking at a China Development event, Apple CEO Tim Cook said there should be new regulations to protect user data from being used in a way they don’t anticipate.
Apple shares closed 2.32% lower at $164.94. However, after-hours activity currently has the stock in the green, Monday.
Apple CEO talks regulation
Speaking on Saturday at the China Development Forum in Beijing, Cook touched on a number of important topics, including that of data regulation – something has been brought to the forefront of many people’s minds amid the Facebook/Cambridge Analytica issues.
“I think that this certain situation is so dire and has become so large that probably some well-crafted regulation is necessary,” Cook told his audience in response to a question.
“We’ve worried for a number of years that people in many countries were giving up data probably without knowing fully what they were doing and that these detailed profiles that were being built of them, that one day something would occur and people would be incredibly offended by what had been done without them being aware of it,” he said.
“It’s clear to me that something, some large profound change is needed,” Cook added.
US-China trade worries
The CEO of one of most recognizable tech firms in the world, also called for calm over the current trade discussions between the US and China.
Last week US President Trump put in place trade tariffs on some China imports that could cost up to $60 billion. China is responding with its own list of potential US import tariff charges.
Just as Trump hasn’t shied away from a trade war, the Chinese Commerce Ministry said Friday it wouldn’t hold back from one, either.
“I'm cognizant that in both the US and China, there have been cases where everyone hasn't benefited, where the benefit hasn't been balanced,” Cook said. He added that he hopes “calm heads” will rise above the uncertainty.
The issue is of particular import to firms such as Apple, who assemble much of their tech in china before importing it into the US for the finishing touches.