Battle of Billionaires: Musk, Zuckerberg Strive to Break Free from Tim Cook's Shadow




 

Apple Inc CEO Tim Cook had an estimated wealth of $1.5 billion as of January this year. That made him the 2,083rd richest person in the world, far behind the fortunes of Mark Zuckerberg ($142 billion) and the world's richest man, Elon Musk, with $189 billion to his name.

But despite his comparatively modest net worth, Apple's CEO is in a position to snuff out major swathes of Musk's and Zuckerberg's empires - and the two moguls know it.

Maybe you saw Musk's tweet over the weekend that claimed, without providing evidence, that Apple was considering removing Twitter from its App Store - a move that would essentially cut off Twitter from the App Store's billion users.

Musk also denounced Apple's practice of taking a 30% cut on App Store sales and accused the company of cracking down on free speech.

And on Tuesday, Meta Platforms Inc  CEO Mark Zuckerberg chimed in with grievances of his own. In a New York Times Interview, Zuckerberg said it was problematic for any one company to control what app experiences end up on a device while complaining that the "vast majority of profits in the mobile ecosystem go toward Apple."

Luckily for Musk, a private meeting with Cook soon after seems to have cleared any confusion, with Musk tweeting his reassurances that Apple has no plans to remove Twitter from its App store.

But the App Store isn't Apple's only weapon against other tech titans. Tweaks to its terms of service or privacy policies can have devastating effects on other companies' business models - as seen in January when a change to Apple's iOS privacy policies resulted in a $10 billion hit to Meta's annual revenue, according to Facebook parent Meta.

Read More: This Startup Investing Platform is Turning the Entire Venture Capital World On It's Head

Can Meta, Tesla Inc and a host of other tech companies break free from Apple's chokehold? Musk is already being called on to develop his own mobile device - but in the short-term, it looks like Apple's dominance will be hard to shake off, thanks to brand loyalty that makes a presence in the App Store vital for fellow juggernauts, even while Apple felt the need to spend only $100 million advertising on Twitter last year.

But Apple's 1.5 billion devices aren't the only battleground that tech wars will be fought in - and already one company is circumventing Apple's hegemony in a unique way.

Gameflip is a leading gaming marketplace startup that's already sold $140 million in virtual game items on its platform. Used by six million people worldwide so far, it facilitates simple, safe transactions for all things digital - and while it's available on the App Store, it's also available on other outlets and, once installed, can be used to swap out some of the world's most popular games between users, without any downloads from a third-party vendor.

Gameflip is a startup with over $10 million in backing from venture capitalists - but it's also available to regular investors.

See more on startup investing from Benzinga

  • The Startup Investing Platform Secretly Making Everyday Investors Millions

  • Eli Electric Prepares To Launch U.S. Sales Micro EVs

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

COMMENTS

More Related News

EU studying whether Big Tech should pay network costs -EU document
EU studying whether Big Tech should pay network costs -EU document

The European Union (EU) will consult the technology and telecoms sectors on whether tech giants like Alphabet Inc's Google, Meta and Amazon.com Inc should...

Tesla to boost spending as plant expansions gather pace
Tesla to boost spending as plant expansions gather pace
  • US
  • 2023-01-31 11:30:29Z

The company, led by billionaire Elon Musk, forecast capital expenditure between $7 billion and $9 billion in 2024 and 2025. Some of the spending will go...

Bitcoin falls in broad crypto pull back ahead of U.S. Fed meeting on interest rates
Bitcoin falls in broad crypto pull back ahead of U.S. Fed meeting on interest rates

Bitcoin fell along with Ether and all other top 10 non-stablecoin cryptocurrencies in Tuesday morning trading in Asia, wiping out most of Monday's gains.

Twitter makes first interest payment on Musk buyout debt - Bloomberg News
Twitter makes first interest payment on Musk buyout debt - Bloomberg News
  • US
  • 2023-01-30 18:29:54Z

Twitter paid a group of seven banks, led by Morgan Stanley, which became stuck with the debt after they were unable to sell it to outside investors, the...

Apple
Apple's India supplier Jabil making AirPods parts for export-Bloomberg
  • US
  • 2023-01-30 05:47:33Z

Apple Inc and Jabil did not immediately respond to a Reuters request for comment. The move marks another step in Apple's plans to shift its manufacturing...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy