Apple CEO and co-founder Tim Cook will announce that he’s buying stakes in several other tech firms in order to keep pace with rising competitive pressures, the Wall Street Journal reported Wednesday.
Cook, whose company’s stock has surged in the wake of the Brexit vote, has already acquired stakes in Facebook Inc. and Uber Technologies Inc. that he plans to sell as he seeks to expand his company’s presence in emerging markets, according to the report.
Apple’s acquisition of a majority stake in Snapchat is also likely to be the next move in an increasingly aggressive push to compete against the likes of Amazon.com Inc., Google Inc. , and Facebook, which are spending heavily to woo customers in the digital space.
Apple CEO Tim Tim Cook speaks during the annual Apple Computer Build conference at the Apple Campus in Cupertino, California on November 26, 2017.
REUTERS/Stephen Lam/File Photo