Click to Skip Ad
Closing in...

Samsung loses $1 billion in market value following Obama’s iPhone ban veto

Published Aug 5th, 2013 8:00AM EDT
Samsung Apple Ban Veto

President Obama on Saturday reversed a sales ban on Apple’s iPhone 4 and iPad 2 that was set to go into effect on Monday. The ban had previously been ordered by the U.S. International Trade Commission, which had determined that Apple’s previous-generation mobile devices infringed a Samsung-owned patent and could therefore not be sold in the United States. Following the President’s veto, Samsung shares slid on Monday on the Korean exchange as investors grew concerned that the decision might have implications for Samsung’s patent rights. Samsung’s stock closed down just one point at 1,274,000 won but as The Wall Street Journal noted, that slight dip cost Samsung more than $1 billion in market value. “We are disappointed that the U.S. Trade Representative has decided to set aside the exclusion order issued by the U.S. International Trade Commission (ITC),” Samsung said in a statement on Saturday in response to the veto. “The ITC’s decision correctly recognized that Samsung has been negotiating in good faith and that Apple remains unwilling to take a license.”

Zach Epstein
Zach Epstein Executive Editor

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.