IAC CEO on anti-competitive practices: ‘Apple is worse than Google’

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in… read more.
on Jul 9, 2021
  • Joey Levin predicts Apple will be next to face antitrust lawsuits after Google.
  • The CEO says regulations will be good for innovation if they can get it right.
  • Shares of Apple Inc are roughly 1.5% up in the stock market on Friday.

Only days after state attorney generals sued Alphabet’s Google for anti-competitive practices, IAC CEO Joey Levin says Apple Inc (NASDAQ: AAPL) will be the next target. On CNBC’s “Squawk Box”, Levin said, “I think Apple is, in many senses, worse than Google”.

“Apple has forced companies into the system. They have a monopoly, there’s no way around it. And the fees are exorbitant, and that flows through to everybody,” Levin added.

Levin speaks in favour of greater competition

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

According to Apple, a flat 30% commission it takes on in-app transactions benefits developers in the long run as it helps secure and maintain the app store. Other allegations on Apple include that it, much like Google, favours its own apps over competitors’. During his interview with CNBC, Levin further commented:

“I think the world could use competition. I think the world could use some regulations around the scale of these businesses now, there’s a lot of power concentrated in very few hands. Regulations will be good for innovation, if they can get it right.”

Apple and Google representatives refrained from commenting. Shares of the iPhone maker are roughly 1.5% up on the intraday chart. The stock has so far gained more than 10% in 2021.

IAC wants to rebuild via new acquisitions

The chief executive expressed confidence that antitrust legislation wouldn’t threaten IAC’s expansion. The media and internet firm has spun off its major holdings, including Vimeo and Match Group. It now plans on rebuilding via acquiring “new businesses in new areas”.  

Levin also highlighted that smart contract and blockchain technology at large was the next target for IAC’s incubator. The news comes more than a week after Apple bought a spot on Roku’s remote control.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money