Young iPhone users. Photo: Vichan Poti / Pacific Press, LightRocket via Getty Images
Jana Partners LLC, an activist hedge fund, and the California State Teachers’ Retirement System, a pension fund, have written a letter to Apple asking the tech giant to address the issue of teens and children overusing iPhones, the Wall Street Journal reports. The catch? Both are investors in Apple and together control $2 billion worth of shares.
The big picture: Big Tech companies, once the darlings of Silicon Valley, are facing a reckoning in Washington and around the country, with the most recent backlash against Apple spurring from the discovery that company was slowing down some older iPhones.
In their letter, reviewed by the Journal, the investors wrote:
“Apple can play a defining role in signaling to the industry that paying special attention to the health and development of the next generation is both good business and the right thing to do ... There is a developing consensus around the world including Silicon Valley that the potential long-term consequences of new technologies need to be factored in at the outset, and no company can outsource that responsibility.”
Apple did not immediately comment on the news.