Apple lost nearly $200 billion in market capitalization over the past few days amid multiple reports of iPhone curbs for workers in China.
Over the last five days, Apple shares slipped almost 5.5% after losing nearly 1% over the last month.
Despite the recent drop, shares were up Friday and targeting their largest percent increase since Aug. 30, 2023, when shares rose 1.92%, according to Dow Jones Market Data Group. As of Friday afternoon, Apple regained about $40 billion in market value.
Apple did not respond to FOX Business’ request for comment.
The Wall Street Journal first reported that staff at China’s central government agencies received instructions from superiors in recent weeks in workplace chat groups or during meetings about the new directive meant to curb Beijing’s reliance on foreign technology.
The move was also branded as a way to bolster cybersecurity amid a campaign to curb the flow of sensitive information outside China.
Sources also told the newspaper that China has limited iPhone use for years at government jobs, but the new directive widens the ban and signals a greater effort on Beijing’s part to enforce the rules.
Similar messages about restricting iPhone use at work have been relayed to employees at some central government regulators, sources added.
As Beijing’s rivalry with Washington, D.C., intensifies, Chinese President Xi Jinping has been stressing national security, prompting a tightening of state control over data and digital activities in recent years, according to the Journal.
The Financial Times cited unnamed sources at government institutions and state-owned companies in China who said they have been told to stop using Apple technology.
FOX Business reporter Danielle Wallace contributed to this report.