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Apple (AAPL) Stock Slides After Making Rare $1 Billion Investment

NEW YORK (TheStreet) -- Apple (AAPL - Get Report) stock is slumping by 0.32% to $90.05 in pre-market trading on Friday, as the iPhone maker invests $1 billion in Chinese car ride hailing app Didi Chuxing, which closely rivalsUber China.

The investment was announced late Thursday, after Apple briefly lost its spot as the world's most valuable company to Google parent company Alphabet (GOOGL) amid concerns about declining iPhone sales.

Earlier this month, billionaire Carl Icahn dumped all of his stock in Apple largely on concerns about China's cautious attitude toward the company. CEO Tim Cook said that the investment in Didi Chuxing will help Apple better understand the crucial Chinese market, Reuters reports.

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