Two Of Apple’s Largest Shareholders Urge Company To Address “iPhone Addiction” Among Kids
by Tyler Durden
ZeroHedge.com
Mon, 01/08/2018
In an unusual move, two of Apple’s largest shareholders, Jana Partners, a large activist hedge fund, and the California State Teachers’ Retirement System (CalSTRS) penned a letter to the company over the weekend saying the smartphone maker needs to respond to what some see as a growing public-health crisis of youth phone addiction. Among other things, the pair, which control some $2 billion worth of Apple shares, urged the company to develop new software tools that would help parents control and limit phone use more easily and to study the impact of overuse on mental health.
By doing so, we believe Apple would once again be playing a pioneering role, this time by setting an example about the obligations of technology companies to their youngest customers. As a company that prides itself on values like inclusiveness, quality education, environmental protection, and supplier responsibility, Apple would also once again be showcasing the innovative spirit that made you the most valuable public company in the world. In fact, we believe that addressing this issue now will enhance long-term value for all shareholders, by creating more choices and options for your customers today and helping to protect the next generation of leaders, innovators, and customers tomorrow.
Adding to the extreme irony of the letter, Jana and CalSTRS go on to highlight a series of studies which suggest that Apple products are literally killing the kids who use them and/or resulting in extreme bouts of depression or physical ailments from a lack of exercise. All of which would typically send investors running for the hills but apparently not in this specific case.
A study conducted recently by the Center on Media and Child Health and the University of Alberta found that 67% of the over 2,300 teachers surveyed observed that the number of students who are negatively distracted by digital technologies in the classroom is growing and 75% say students’ ability to focus on educational tasks has decreased. In the past 3 to 5 years since personal technologies have entered the classroom, 90% stated that the number of students with emotional challenges has increased and 86% said the number with social challenges has increased. One junior high teacher noted that, “I see youth who used to go outside at lunch break and engage in physical activity and socialization. Today, many of our students sit all lunch hour and play on their personal devices.”
Professor Twenge’s research shows that U.S. teenagers who spend 3 hours a day or more on electronic devices are 35% more likely, and those who spend 5 hours or more are 71% more likely, to have a risk factor for suicide than those who spend less than 1 hour.
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