Apple CEO Tim Cook reportedly personally made a $275 billion agreement with Chinese officials to avoid regulatory action against the company, according to a fresh accusation.
Based on the information, the following conclusions may be drawn:
Apple’s iPhone became the best-selling smartphone in China, the company’s second-largest market after the United States, for the first time in six years. Much of Apple’s success, however, can be attributed to CEO Tim Cook, who laid the groundwork years ago by secretly signing a $275 billion agreement with Chinese officials.
Cook’s efforts resulted in the successful signing of a multibillion-dollar agreement that exempted the firm from a variety of regulatory proceedings and allowed it access to the Chinese market in exchange for large investments, commercial partnerships, and worker training in the nation.
According to the report, Apple executives were scurrying before the meetings to save the business’s relationship with Chinese officials, who feared the company wasn’t contributing enough to the local economy. iPhone sales plunged as a result of the government crackdown and the negative publicity that accompanied it.
The business has also vowed to spend ‘billions of dollars” in China, including on new retail outlets, research and development centers, and renewable energy initiatives, in addition to its present spending.