You've just completed your first year as CEO of the most valuable company the world has ever seen and a court just awarded you over $1 billion from your rival. Where are you going now? Disney World? Nope. If you're Apple CEO Tim Cook, you head to your PC Mac and tap out a letter to your employees.
It has been a year since Tim Cook took the reins of Apple after the death of Steve Jobs
While many might disagree with Cook, the Apple executive writes that Apple chose litigation "reluctantly" and as a last resort after asking Samsung to stop copying Apple. Repeating the theme of the company's post-verdict statement, Cook reiterated that the case wasn't about dollars or cents but was about values. Apple, according to its CEO, "makes the best products on earth" but for its customers, not for competitors to "flagrantly copy." You can check out the letter below.
After the verdict came down, Wall Street had a chance to weigh in on the decision. In after hours trading late Friday, Apple's shares closed at $674.95, up more than $11 or 1.8% from the 4pm close. Assuming that the shares open around there on Monday morning, it will be a new all-time high for Apple's equity.
"Many of you have been closely following the trial against Samsung in San Jose for the past few weeks. We chose legal action very reluctantly and only after repeatedly asking Samsung to stop copying our work. For us this lawsuit has always been about something much more important than patents or money. It’s about values. We value originality and innovation and pour our lives into making the best products on earth. And we do this to delight our customers, not for competitors to flagrantly copy.
We owe a debt of gratitude to the jury who invested their time in listening to our story. We were thrilled to finally have the opportunity to tell it. The mountain of evidence presented during the trial showed that Samsung’s copying went far deeper than we knew.
The jury has now spoken. We applaud them for finding Samsung’s behavior willful and for sending a loud and clear message that stealing isn’t right.
I am very proud of the work that each of you do.
Today, values have won and I hope the whole world listens.
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