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

wochit technology
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August 05, 2013 AT 10:40 AM
President Obama reversed a sales ban on Apple's iPhone 4 and iPad 2 that was set to go into effect 2 days later. 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 as investors grew concerned that the decision might have implications for Samsung's patent rights.