According to a new allegation, Apple CEO Tim Cook personally negotiated a $275 billion deal with Chinese officials to halt regulatory action against the corporation.
The following is based on the data:
For the first time in six years, Apple’s iPhone became the best-selling smartphone in China, the company’s second-largest market after the United States. However, much of Apple’s success can be attributed to CEO Tim Cook, who laid the groundwork years ago by secretly signing a $275 billion agreement with Chinese officials promising Apple would help develop China’s economy and technological prowess through investments, business deals, and worker training.
Cook made a series of in-person visits in 2016, according to the article, to assist broker a five-year settlement “to quell a rapid surge of regulatory actions against Apple’s business.”
Apple executives were reportedly “scrambling” to save the company’s relationship with China, which “believed the corporation wasn’t contributing enough to the local economy,” according to the storey.