Tim Cook Runs Apple But Once Got Denied For The Apple Card: Here's The Bizarre Story
Portfolio Pulse from Chris Katje
Apple Inc's CEO, Tim Cook, was initially denied the Apple Card, a product of his own company, due to concerns about executive impersonation by fraudsters. The card was launched in 2019 through a partnership between Apple and Goldman Sachs Group. However, Goldman Sachs is now planning to exit the venture, citing losses due to rising rates. The exit could face challenges as Apple has veto power. The Apple Card business could potentially go to American Express Company, but this could face struggles with Mastercard being the card processor.
July 27, 2023 | 5:52 pm
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NEUTRAL IMPACT
Apple's CEO was initially denied the Apple Card, and Goldman Sachs, the card's co-issuer, plans to exit the venture. This could potentially impact Apple's credit services.
The news directly involves Apple and its credit service, the Apple Card. The exit of Goldman Sachs could lead to changes in the service, but the impact on Apple's overall business is uncertain.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
American Express could potentially take over the Apple Card business, but this could face struggles with Mastercard being the card processor.
The news mentions the possibility of American Express taking over the Apple Card business. However, the impact is uncertain as it could face struggles with Mastercard.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Mastercard's role as the card processor could potentially cause struggles if American Express takes over the Apple Card business.
The news mentions the potential struggles that could arise due to Mastercard's role as the card processor if American Express takes over the Apple Card business. The impact is uncertain.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Goldman Sachs plans to exit the Apple Card venture due to losses from rising rates. This could potentially impact the company's credit services.
The news directly involves Goldman Sachs and its partnership with Apple. The exit could lead to changes in the company's credit services and potentially affect its financial performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100